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Interest Rate on a Loan
Graeme7777
Posts: 256
Forumite
in Loans
In a newspaper advertisement that I saw recently the total cost of a loan (amount borrowed + interest) over the prescribed period as well as the APR was disclosed.
However, no mention was made of the amount of the regular, weekly re-payment. If one were to wish to calculate the weekly repayment, should one use the APR as the rate of interest? (I wouldn't have thought that this was the correct rate to use)
Thanks
However, no mention was made of the amount of the regular, weekly re-payment. If one were to wish to calculate the weekly repayment, should one use the APR as the rate of interest? (I wouldn't have thought that this was the correct rate to use)
Thanks
0
Comments
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well, sounds like the type of loan is a rip off loan at very high interest for people in desperate situations
the answer to your question is this
divide the total cost of loan by the number of payment periods
so if the total cost of the loan is say 1,000
and you pay weekly over a year i.e. 52 weeks
then the weekly payments are 1000/52 = £19.23 per weekEU tariff on agricultual product 12.2%
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Cheers Clapton0
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