Help with my maths please

narabanekeater

Ive got a personal loan with A&L I have 1138 at 12.5% whicg gives me 17 more monthly payments of £68 to make.
I am able to put this on my credit card at 6.9% and still pay it back over the same time. I know this will work out cheaper but can anyone please tell me how much by?
I guess im asking the difference of intrest here
If anyone would let me know how to work it out id be most greatful as I can write down the formula for the future

Magentasue

https://www.whatsthecost.com

You can also use this site to calculate snowballing for more than one debt.

grumbler

http://www.bankrate.com/brm/popcalc2.asp

narabanekeater wrote:

Ive got a personal loan with A&L I have 1138 at 12.5% whicg gives me 17 more monthly payments of £68 to make.

£73.39 according to the above site ...

I am able to put this on my credit card at 6.9% and still pay it back over the same time. I know this will work out cheaper but can anyone please tell me how much by?

In this case monthly payment is £70.46. You save (73.39-70.46)*17=£50. Or use 'Show ... Amortization Table' button for more details ...

Robert_Sterling

You are saving 5.6% of the interest which otherwise have been paid.
However the actual amount you are saving falls each month during the 17 month period.

So a fairly accurate off the top of my head ball park figure for the overall saving at the end of the day when all is said and done and other cliches is in the region of give or take a shillin or two:-



....................£45....................