No doubt, technology is ubiquitous in presence and timeless in importance. It has changed the life of humans in every field. From birth of a child to launch of a satellite or detection of a disease, everywhere technology is irreplaceable. No need to mention that it has now entered in our financial lives too. From transferring funds to borrowing funds from a private money lender in London, UK, everything happens through financial tools. They are the advanced forms of technological development that has taken place in the finance industry.
Technology helps in financial decisions Through Calculators
From our concerns on pension to loan repayments, we need a smart tool to calculate things properly.
THE CALCULATORS are great financial tools that help people make confident financial decisions. They work efficiently only due to the backing of technology. The automation and artificial intelligence that the new advancement has bestowed on us are the fuel for the financial tools.
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Calculators use both to give you almost perfect results. Besides, FinTech is the latest example of the extreme strength of technology.
Here are the few types of calculators that come to use in our day-to-day life. If they do not help us make calculations, our financial decisions may become difficult.
Pension cost calculator – As you can understand with the name, pension cost calculator calculates the cost of pension according to the age and how much you need to save each month. However, the provided figures are for the estimation but at least you can decide the direction where you need to move.
The calculator asks the following things –
Annuity calculator – It helps to know the current value of an annuity. The actual figures vary depending on the individual circumstances. The people with plans for investment or insurance use this calculator to know the possibilities of future.
Provide the following details –
Loan repayment calculator – It is an advanced way to calculate the monthly payments you need to pay for a loan. Like other types of calculators, the result provided is an estimation as always but you get a ‘near to perfect’ idea. Not all but few lenders provide this on their websites to facilitate easy loans.
It requires the following details –
Lump sum investment calculator – If you want to know the expected return on an investment then this is your support system. The calculator is used for varied types of investment products. You need to submit the following information.
Share Stamp duty calculator – As the name gives the idea , the calculator is used when you purchase shares. While making final decision this calculator is one of the most important things that you should consider after the study of market risks.
The required information is as follows –
Mortgage Affordability Calculator – This is quite common and you know very well about this. This tool is used to calculate your affordability against the amount you apply for. Different lenders have different rate of interest and thus the results too can be different –
You need to fill the following information –
The above types facilitate ease in different aspects of financial life. There is no hesitation in accepting the fact that money is the magnet of the human world. To avoid regretful decisions on this magnetic thing, some sort of support is required. The calculators provide that support and make sure that you take only the right decision.