End-User Guide > Desktop and Ribbon Bar > Loan Calculator |
The Lifecycle Management Suite Loan Calculator allows users to calculate payment options and amounts outside of processing a loan application including solving for principal, number of payments, payment amount, and debt protection. The amortization results and amortization schedule are returned to the user.
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Calculations for Military APR (MAPR) cannot processed using the ad-hoc loan calculator. For more information on MAPR calculations, please see the Save and Calculate section of the Loan Terms topic in this guide. |
Upon selecting the Loan Calculator icon, the Loan Calculator opens in a new window. The Loan Calculator contains a Toolbar located at the top of the window/screen. The Loan Calculator Toolbar contains the following icons:
Icon | Description |
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Allows a user to process a loan calculation based on the criteria entered in the Loan Calculator’s fields. |
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Allows a user to Clear the search criteria entered in the Loan Calculator’s fields. |
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Allows a user to cancel and close the Loan Calculator. |
The Loan Calculator contains two Panels: Inputs and Amortization.
The Inputs panel is the section where users input the loan variables such as Principal Loan Amount, Term, Interest Rate, and Debt Protection.
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To include the debt protection premium in the total loan amount, select the Finance Debt Protection check box that appears within the Debt Protection section of this panel. If this check box is not selected, the debt protection premium is not included in the total loan amount. |
The Amortization panel displays the calculation results, which are based on the values entered in the Inputs panel. There are two tabs within the Amortization panel: Amortization Results and Amortization Schedule.
The Amortization Results tab displays the calculation results within summary panels that break down the calculation details.
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The Lifecycle Management Suite Loan Calculator uses the same logic as the CUNA Calculator. By design, the loan calculator purposely returns a value of 0.00% when calculating APR on Open-Ended loan applications. With the Credit CARD Act, the open-end APR calculation was replaced with the Fees and Interest section on a member’s periodic statement. On the open-end forms, there is a field called APR, but it is the Annual Interest Rate. |
The Amortization Schedule tab displays the calculations results within a grid which displays the loan repayment details.