Loan calculators

By Natasha A loan is something that is borrowed, usually a sum of money, that is expected to be paid back with interest. Loan calculators help determine the monthly payments on a loan that need to be paid. Loan calculators can also be used for mortgage, auto, or other types of loans. The two loan calculators that I compared are Scotia bank and TD Canada trust.

Scotia bank:

-Scotia bank pros: •easy to understand labels •vast amount of options •very interactive •there is a therefore statement (a final statement that clarifies results) •no pop up ads •disclaimer that lets you know that the loan calculator may not be necessarily accurate -Scotia bank cons: •small print •no step by step instructions •the calculations may not be accurate Overall a good calculator, easy to understand labels and a therefore statement that makes the answer clear but this loan calculator does have small print therefore making it a little harder to read the labels making it harder to use the calculator.

TD Canada trust:

-TD Canada trust pros: •step by step instructions •useful links •disclaimer that lets you know that the loan calculator may not be necessarily accurate -TD Canada trust cons: •not many options for payments •no therefore statement (a final statement that clarifies results) •more difficult to understand •pop up ads Overall a good calculator, step by step instructions but this loan calculator is hard to use and is confusing therefore not easy for beginners to use. Both calculators are good and bad in different ways but personally I think overall the Scotia bank calculator is a better loan calculator. https://www.tdcanadatrust.com/loanpaymentcalc.form