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Credit Card v16, Ask general questions here, Please read the 1st post before posting!
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ppfoong
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 Sep 23 2011, 02:37 PM
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I have got my interns to produce a simple iPhone and Android app to calculate credit card repayment period and the amount of interest charged based on the repayment method (pay minimum, pay fixed amount, pay within a timeframe).
Comparison between 2 different payment plans can be made to see the difference in interest amount and repayment period.
You can find it in iTune App Store for iPhone, by searching for "Credit Card Calc", and also in Android Market by searching for "Credit Card Calculator".
Hope that it is fun and useful to you.
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ppfoong
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Sep 26 2011, 10:14 PM
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OK. Will get the developer to look into it. The app is a simple one, for one time calculation only. For next month calculation, run it again with the new balance, and the minimum payment will be calculated accordingly. QUOTE(hye @ Sep 23 2011, 03:08 PM) Good effort ! If you don't mind .... just a couple of suggestions (iphone app) 1. There's the null value in the Total Repayment @ Total Int to be Paid, maybe you want to take a good look at it. 2. Graph feature not bad but the graphs labels are not there 3. Apps assumes that you don't use your card for new purchases the next month onwards. (Which is unlikely) Maybe you want to rethink it slightly as often people mistaken this as the minimum payment due whereas the minimum payment also takes into consideration the quantum from the new purchases. Best if you could put in both in iphone and Android apps that while this is a good tool to calculate int but there's nothing better that solid good personal financial control and to spend within your means. (Treating cc like cash vs. treating it like a bottomless/no obligations credit facility) |
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