Financial Solutions - Lumos Educational App Store

Financial Solutions by Devoe Technologies, LLC Financial Solutions is a Time Value of Money program with the most commonly used equations for financial calculations. The application has 11 Equations: •Future Value of an Investment •Future Value of Deposits •Regular Deposits •Regular Withdrawals •Initial Investment •Minimum Investment •Regular Payment on a Loan •Principal on a Loan •Term of a Loan •Nominal Interest Rate •Effective Interest Rate   If you wanted to determine your monthly payment for a car costing $19,000.00, you would use the Regular Payment equation. Entering the data: Principle: $19,000.00 (cost of the car) Interest Rate: 5% Payments per year: 12 Number of years: 5 Payment: $358.55   You and your wife are expecting and you want to set up a budget to determine how much money you would need to save every month over the next 18 years to yield $60,000.00 for your child's education.  Using the Regular Deposits equations you enter: Future Value: $60,000.00 (assume cost in 18 years) Nominal Interest Rate: 1.5% Deposits Per Year: 12 Number of Years: 18 Deposits: $242.13