How To Build Your Own Credit Card Repayment Calculator
We’ve all been there – a new month begins and it’s time to pay off bills. However, all bills are not equal – some are minor inconveniences while others have you begging for sweet release. Your credit card bill falls under the second category. While we may not be able to help you pay off your bills, we can definitely help you create a credit card repayment calculator to determine the number of days until the sweet release.
Outgrow allows you to build a wide range of calculators with complex formulas and logical statements. Here we’ll go through the steps involved in creating a credit card debt calculator.
The Credit Card Equation calculator computes the amount of time required to pay off a credit card debt, or other fixed-rate loans, based on the (APR), total balance (b), and the monthly payment (p), where
- (APR) is the annual percentage rate of interest
- (b) is the balance of the credit card debt
- (p) is the monthly payment to be made
The formula in play here is –
M = P(1+r)n r / [(1+r)n-1]
Note: You can find more details about the calculations here.
Now that we know the formula, let’s understand how you can create a credit card calculator using Outgrow.
Step by Step Process to Create Credit Card Repayment Calculator
For the starters, you’ll need the following inputs from the users
Q1 – Your credit card balance
Q2 – Credit card interest rate
Q3 – Payment amount per month
- As with any interactive experience, you need to start off by adding the questions. You can do this by logging into the Outgrow app and accessing the builder. In the builder, you can add questions on the left panel by using the text editor on the right panel.
- Once you’re done with the questions, it’s time to define the input methods for each question in the calculator. You can choose between text inputs, drop-down, multi-select, single select, opinion scale, rating, and numeric slider.
Note: If you are using a numerical slider, do not forget to mention the upper and lower limits along with the step-length.
- Now, it’s time to add the formula to the mix to accomplish the goal of creating this calculator.
The formula for calculator the time to pay off credit card debt is – (log((1-((Q2/1200)*Q1/Q3)),10))/(log(1+(Q2/1200),10))
You can copy and paste this to the formula builder. See it in action in the screenshot below.
Here, we have divided Q2 by hundred because we are capturing these inputs in % form
In the formula builder –
- Add prefix and suffix as required. In this example, we have added ‘$’ as a prefix.
- You can also add decimal places if required
- You can quickly validate the formula if the sample result displayed is correct.
Note: You can also use JSON to import formulae into the builder
The Next Steps
Once you are done setting up the formula, you can focus on lead generation. This is the most important part in the whole process. Did you know – the use of an interactive calculator has helped Venturepact generate 12x more leads. Thus, it makes sense to focus more on adding the lead gen form. Place the lead gen form just before the results.
Once this is done, you can make changes to the SEO settings to promote the calculator and generate a greater number of leads.
You can also explore our promotion checklist to learn about different ways to promote your calculator.
Additional Resource: 9 Best Practices to Promote Your Calculator
Your credit card repayment calculator is ready. Now you can help a friend in credit card debt by mailing the calculator to him/her.
Witness the credit card calculator in action here.
Get started with creating your own credit card calculator. Sign up here for a free Outgrow trial. Have an awesome calculator idea? Together, we can make it happen. Feel free to reach out to us.
It’s a good idea to generate leads that are better qualified and more relevant for your business. In our online course, we demystify the world of calculators. Start learning now!