CCA interest and APR dont add up

blueback

Agreement states APR is 7.9%
ate of interest is 7.9%

its a fixed rated laon over 4 years for £22413.53 with 48 monthly repayments of £543.69

I have checked nearly 50 calculators and not one gets anything near these figures apart from the APR rate to 2 decimal points

anyone good at maths?

i dont think the loan is compounded, but it states the interest will be added to the principal at the start of the loan

talana

First loan calculator I came across, more or less at random, plugged in your loan amount, apr and repayment period and got £546.13 as the monthly payment.
In the right ballpark for sure.

What exactly are you inputting?

GeorgeUK

Have a look at the snowball calculator - it breaks it down for you.

47 payments of 543.69, final payment of 486.56, 3,628 paid in interest.
http://www.whatsthecost.com/snowball.aspx

blueback

Thats the figure i keep getting, £543.16

BUT my agreement states 48 equal agreements of 543.69 and even if the APR is "therebouts" assuming it is rounded up Where does the simple interest rate of the same 7.9 compute into the equation?

Need a mathamatician (and a speller)

blueback

48 equal payments (sorry)

blueback

Loan amount = 22413.53
total loan = 26097.12
charge for credit = 3683.59

APR = 7.9%
rate of interest = 7.9%

I think the rate of interest on the agreement is wrong but i still need einstien please

Tixy

Its pretty close (only £25.44 different over the whole agreement). The calculators all make different assumptions and for this small an amount it could be something as small as was the first payment at the start of the first loan period or after 1 month has elapsed. Was the first repayment exactly 1 month from the date of the loan advance, even just a few days extra on the first month could make this difference. Alternatively is there a credit charge of £25 mentioned on the agreement.

blueback

Nope, its states

" the rate of interest for the period is agreement 7.9%. The interest payable will be debited to the account at the commencement of this agreement"

48 equal amounts with an APR and Interest rate of 7.9%

No fees, no first payment no final payment, just fixed for 4 years at that rate and quoting those two interest rates