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How to calculate repayments
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I am just trying to get my head around a loan calculation to work out repayments before I apply etc... I know a lot of banks and places calculate it for you but I wanted to know how they go about it.
For example:
Borrow: £8500.00
APR: 7%
Duration: 60 months (5 years)
Can anyone do the breakdown of how you would come to a monthly figure to be re-paid?
Thanks!!
For example:
Borrow: £8500.00
APR: 7%
Duration: 60 months (5 years)
Can anyone do the breakdown of how you would come to a monthly figure to be re-paid?
Thanks!!
0
Comments
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If you go to http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=loan_calculator
you can just put your figures in and the tool will tell you the repayment ammount.0
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