Loan Calculation apps--not calcutating properly

[arepitt]

all loan calculator i use give me wrong calculation... all same calculation, same answer. i think my lumia have something wrong or i do something wrong. please help me. example if i want make loan for 10000,interest 5% for 10 years... so my monthly payment is $125... but when i use all loan apps it show monthly payment $106.07.... sorry for my bad english

 

[Kevin Tran3]

Your calculation did not take into that fact that your balance is reduced each payment you make. You pay interest based on the current balance, not on the original balance (loan amount). So loan calculator averages out your payment over the term of ten years to have the monthly payment of $106.07 which is much lower than $125 (which is based on the original loan balance). Have you tried this Loan Calculator app? This one is the best in Windows Phone store right now. Loan Calculator | Windows Phone Apps+Games Store (United States)

 

[Laura Knotek]

Moved to Windows Phone Apps forum.