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cant work out the ineterst charges
caravanlover
Posts: 202 Forumite
hi every one
would be really grateful if some one could help me
this is my last debt, other than my mortgage to pay!!!!!! :j
i made the mistake of getting a HFC loan some years ago, but once becomming a member here, i have thrown any spare money at paying my debts back, i have one more to pay, and plan to do that tomorrow, all of the outstanding balance, (good sale on ebay!!)
i have 375.05 left to pay on this loan
i paid just £30.00 last month (as i wanted to pay off something else )
just looked at the statement and it reads as follows
outstanding £375.05
payment £30.00
interest £8.25
theres no mention anywhere of the interst rate and never had the nerve to work it out before, but now as i am paying it off, i dont mind knowing what it is
but i am not to clever with interest rates and how to work them out
on the back it does say, interest is occurred daily
thanks for all your help in advance
would be really grateful if some one could help me
this is my last debt, other than my mortgage to pay!!!!!! :j
i made the mistake of getting a HFC loan some years ago, but once becomming a member here, i have thrown any spare money at paying my debts back, i have one more to pay, and plan to do that tomorrow, all of the outstanding balance, (good sale on ebay!!)
i have 375.05 left to pay on this loan
i paid just £30.00 last month (as i wanted to pay off something else )
just looked at the statement and it reads as follows
outstanding £375.05
payment £30.00
interest £8.25
theres no mention anywhere of the interst rate and never had the nerve to work it out before, but now as i am paying it off, i dont mind knowing what it is
but i am not to clever with interest rates and how to work them out
on the back it does say, interest is occurred daily
thanks for all your help in advance
the more people i meet!! the more i like my dog !!
0
Comments
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this works out at 2.2% a month so 26.4% a year ... if my maths are right can someone confirm please.If it doesnt pay rent sell it.
Mortgage - £2,000
Updated - November 20120 -
I agree its approx. 26.4%
regardsEU tariff on agricultual product 12.2%
some dairy products 42.1% cloths 11.4%
EU Clinical Trials Directive stops medical advances0 -
If it's HFC interest free option through Dixons/Currys/PC World it's 29.5% APR... don't forget that the interest over the year is charged on the reducing balance.
It is 2.2% per month but the actual total interest is going to be 29.8% as interest is charged on the interest although you then have to calculate APR, which is more calculated as you need to take into account the reducing balance... which is more complicated than my maths will allow me to do. :mad:Debt at highest: September 2003 - £26,350 :eek:
Debt now: £14,100 :rolleyes:
Debt free day: October 2008 :beer:0
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