Working out interest on loan

edited 30 November -1 at 1:00AM in Loans
2 replies 472 views
rachyrach2krachyrach2k Forumite
113 Posts
edited 30 November -1 at 1:00AM in Loans
Hi there,

I have my loan agreement and I need to check the actual interest that I have been charged. The info is as follows:

Amount of credit (the cash loan) - £3000
Amount of credit (the PPI loan) - £1108.50
Total amount of credit - £4108.50

Total amount you pay for the cash loan - £4242.24
Total amount you pay for the ppi loan - £1567.20
Total amount you pay for the total loan - £5809.44

48 monthly payments of £121.03

APR for cash loan 17.9%
APR for ppi loan 17.9%

Unfortunately they have not stated the monthly interest rate so I have no idea how to check if this is all correct.

Any help would be greatly appreciated.

Thanks smile.gif

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