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Quick Question regarding loan early settlement
inmypocketnottheirs
Posts: 4,745 Forumite
in Loans
Would be reallly grateful if anyone could calculate the settlement figure on the following:
Loan for £5995 over 60 months at 5.9%APR.
What would the settlement figure be at 36 months and how much interest would have been paid?
Many thanks!:beer:
Loan for £5995 over 60 months at 5.9%APR.
What would the settlement figure be at 36 months and how much interest would have been paid?
Many thanks!:beer:
Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
0
Comments
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If it is a 'normal' loan with no up front fees or PPI then settlement figure should be as follows:
Monthly payment £115.19 (or thereabouts) - all depends on how they calculate APR.
Balance after 36 payments/months = £2605.83
Interest paid to date £758
Likely interest penalty (usually one month interest) = £13
Likely settlement figure = £2,620
Hope that covers it?
R.Smile
, it makes people wonder what you have been up to.0 -
You'll have to read your terms and conditions. Some loans have a three month interest penalty for early repayment.I used to think that good grammar is important, but now I know that good wine is importanter.0
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Thanks guys/gals.
Rafter your sums are spot on, repayments £115.22!
Just wondered what the cost was going to be, again thanks.Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0
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