(PRWEB) June 06, 2014
CanadaBanks.net launches a new loan calculator (http://www.canadabanks.net/Loan-Calculator.aspx) to help visitors make prudent borrowing decisions that may otherwise affect their quality of life for years and even decades.
Developed by the web and content development team at CanadaBanks.net, the loan calculator took 3 weeks of intensive work and was first tested internally. Many borrowers face uncertain future in times of economic recession, and financial mistakes can be costly. The new tool helps visitors to calculate their monthly payments and avoid abusive interest rates and risky loan terms.
"Our loan calculator helps Canadian consumers to make informed decisions, whether buying a car or going on vacation. Given that interest rate increases are expected, sound financial decisions make life more affordable," said John Williams, marketing consultant at CanadaBanks.net.
The calculator asks visitors to enter the amortization period, interest rate, and loan amount in order to calculate their monthly payments. The calculator shows three outputs – the total to be repaid, the total interest cost, and the monthly payment. The goal is to make complex calculations easier. Besides, loan agreements are often complex documents that are packed with terms such as cross default, material adverse effect, quit claim deed, close of escrow, substitute basis, and others. With all this terminology, borrowers get confused and often make poor financial choices. Some financial establishments use aggressive marketing practices, and customers feel pushed into accepting unfavorable and even abusive terms. Not only are borrowers confused over complex agreements, but they often find it difficult to compare terms to find low-priced solutions. The new calculator helps borrowers to calculate the interest charges and payments and compare different offers, making comparison shopping an easy task. The tool is easy to use by different types of borrowers – convenience shoppers, relationship customers, repeat borrowers, and others. Knowing the cost of borrowing, visitors can focus on other important details such as penalties, early prepayment charges, closing costs, and others.
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