Developer: Fred Boratto
Price: $0.99 Download on the App Store
InvestCalc is a handy calculator app that (unsurprisingly) provides users with the ability to calculate how their money might grow over the life of an investment. The app can also calculate debts such as long-term loans and provides an amazing amount of financial insight for $0.99.
InvestCalc has screens for three types of financial holdings — property, investments and loans. There is also a fourth screen for reviewing your favorites, but we'll get to that in a minute. From the property, investment or loan screen, users can enter the specific details of a potential or actual transaction to see how the terms will affect their bottom line.
The app seems pretty thorough. InvestCalc offers slots for all the necessary particulars — even a space for entering extra payments on revolving accounts. The more information you provide, the more accurate the calculations will be. And, once you get your results you can easily email them to a friend or co-signer.
Tracking financial transactions over the long haul isn't really much fun. And, it's hard to get excited about a calculator. However, after playing around with this app, I must say that InvestCalc presents some interesting details. Who knew my car loan actually cost nearly $4500! For the privilege of making five years of monthly payments the interest came to a pretty hefty sum. Next time, I'll try harder to make an extra payment early on. Turns out even one or two extra payments during the first couple years of a loan can add up to big savings on interest.
Speaking of savings, financial flakes can use InvestCalc as a motivational tool. Remember that favorites section I promised to talk about? This is where it really comes in handy.
After entering the details on any of the three screens, users can opt to save the information as a "favorite." Just tap the star in the corner and InvestCalc will save the loan or investment info and categorize it so you can find it again later.
You can use this to compare outcomes of several "what if" scenarios or to remind yourself of the power of compound interest. Then the next time you're ready to splurge on a nifty new iPhone case, pull out InvestCalc and take another look at the amortization chart of your favorite savings plan. You'll notice that $50 a month doesn't sound like much, but if you invest it for 30 years... well, that's a heck of a lot of iPhone apps.