I think where most people get in trouble with their finances is with mis-interpreting loan calculations, especially interest. When you get a $5,000 loan with 10% interest you’d think you have $5,500 to pay back by the end… problem is most loans are not straight forward like that, you pay an APR (Annual Percentage Rate) which when broken down by month becomes very complicated to figure, it compounds, and changes every month in a manor that by the end of your $5,000 loan depending on the number of years it would take to pay it off you may end up paying back $12,500 or more! Luckily with the Sunrise Finance Loan Calculator it makes it easy to understand your loan payments. You can then figure out what you need to pay every month to get your loan paid down faster, how much you will owe in the end, or figure what your monthly payments on a particular loan may be. Loan calculations used to confuse me, but now I don’t have to fully understand the compounding interest, monthly interest rates on an APR loan, and all that other confusing stuff that goes along with modern loans.
When my wife and I purchased our home I made the mistake of trying to calculate loan payments by myself before I found the Sunrise Finance Loan Calculator. This turned out to be a huge mistake on my part. I figured in APR, but I didn’t divide it by months, and compound it each month, which made a huge difference in our loan payments. It meant that we had to get a home that was $40,000 less than we had originally anticipated that we could spend. It was a bit embarrassing when we were looking at homes in one price range, when we got the real loan calculations from the Sunrise Finance Loan Calculator to have to tell the sellers, and our real estate agent that we had been viewing homes in the wrong price range. The Sunrise Finance Loan Calculator helped us to fix this issue and we were set on our way to the right price range of homes and eventually found one that we liked with our newly discovered knowledge. It’s a good thing we found the Sunrise Finance Loan Calculator before we started signing paperwork, it sure saved us from a HUGE embarrassment that could have been.
