i cant work it out???

Jacks_xxx

NickWarren wrote: »

Is it just me missing something, sure it is, im "fick" lol but 27 payments of £300 = £8100, isnt this £1000 more than you need to pay? plus also paying the amount off early going to incur you less intrest so the £7109.71 amount actually going to be smaller?? does the £7109.97 include the intrest you mentioned? sorry if i sound simple lol

Hey hon,

The amount owed is what we'd pay if we paid it off today but as it's going to take a bit longer the interest gets added on month by month.

So if you add the amount owed plus the projected interest of £851.00 and divide it by 27 it should be about £300 or just under.

I shouldn't think I've explained that very well because I barely understand it myself but basically yeah the interest is added on separately depending on how much we still owe from month to month.

Unless it's front loaded - in which case it makes no difference how much you over pay, you still pay the same interest in total

Love Jacks xxx

NickWarren_2

lol get it now. i thought that the 7000 included the 2000 intrest that was mentioned. oh dear lol. :rotfl:

cady

Thanks im all motivated now