I am looking into buying a loan calculator for a company I am making a website for. I am no maths expert but I can plug figures into a formula :)
I have looked at this calculator as it was recommended to me.
However it doesnt give the same answers as other calculators i have checked it against such as this one
If i add a loan of 10,000 with 6% interest over 12 months (and everything else set to 0) on the first calculator i get a monthly repayment of $883.33
However if i add the same figures to the second calculator I get a repayment of 860.66. I can see the formula used by the second one and I have plugged the figures in and get the same amount myself so I am happy with that one. However I can't check the first calculator as there is no formula shown
So this raises the question that the first calculator must use a different formula. Do you know what formula the first calculator might be using? Is it better or more sophisticated? I am thinking perhaps that is why it was recommended to me.
Thanks a lot