Calling all math geniuses!!!

$17mma

gizmoleeds wrote:

By my calculations (which, BTW are based on monthly interest being annual divided by 12, which may not be exact due to compounding):



Paying £265 a month on a 12.4% p.a. interest rate:

There would be £5,328 outstanding in 12 months;

The loan would take 2 years, 10 months to pay off;
The total amount paid over this period is £8,918.04

Paying £800 a month on a 12.4% p.a. interest rate:

The loan would take 10 months to pay off;

The total amount paid over this period is £7,929.61

Paying £625 a month on a 0% p.a. interest rate:

The loan would take 12 months to pay off;

The total amount paid over this period is £7,500

Gizmoleads

I could give you a phat kiss...

After seeing your calculations she is going to transfer her balance to a 0% card over 12 months..:j

now over to the stoozers, hopefully they can recommend a card to her...;)