Interest rate calculators help consumers and businesses understand potential savings or loan costs. This guide explains how to use banking calculators in Singapore.
Banks in Singapore provide a variety of calculators online, including savings interest calculators, mortgage repayment estimators, and loan affordability tools.
Using them correctly requires:
- Inputting accurate deposit or loan amounts
- Understanding effective interest rates (EIR) vs nominal rates
- Factoring in additional fees or charges
For example, a savings account may advertise 3% interest, but actual returns depend on conditions like salary credit or minimum balances. Calculators simplify these comparisons and help clients make informed decisions.
Singapore bank interest rate calculator, savings account interest calculator, loan calculator
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