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Loan Interest - Can someone help?
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Hi all,
I took a loan out 8 months ago for £12,000. The interest is 9% APR.
Can someone work out what the total repayable amount should be? Either I've done it wrong or I'm being charged PPI when I didn't ask for it.
Thankyou very much.
I took a loan out 8 months ago for £12,000. The interest is 9% APR.
Can someone work out what the total repayable amount should be? Either I've done it wrong or I'm being charged PPI when I didn't ask for it.
Thankyou very much.
EMERGENCY FUND CHALLENGE - £2,292.05 / £6000
DEBT FREE DATE - 16/02/2021
Pay Debt by Xmas 2021 - No.134 - £2,871.64 / £2,871.64 - 100% Paid
Pay Debt by Xmas 2020 - No.134 - Target: £7,985 / Achieved: £5,113.36
Pay Debt by Xmas 2019 - No.134 - Target: £15,985.00 / Achieved: £8,000
DEBT FREE DATE - 16/02/2021
Pay Debt by Xmas 2021 - No.134 - £2,871.64 / £2,871.64 - 100% Paid
Pay Debt by Xmas 2020 - No.134 - Target: £7,985 / Achieved: £5,113.36
Pay Debt by Xmas 2019 - No.134 - Target: £15,985.00 / Achieved: £8,000
0
Comments
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We need to know how long the loan is for - the longer it is, the more interest you'll pay in total0
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Woops! How could I miss such a vital bit of information.
It's over 36 months.
ThanksEMERGENCY FUND CHALLENGE - £2,292.05 / £6000
DEBT FREE DATE - 16/02/2021
Pay Debt by Xmas 2021 - No.134 - £2,871.64 / £2,871.64 - 100% Paid
Pay Debt by Xmas 2020 - No.134 - Target: £7,985 / Achieved: £5,113.36
Pay Debt by Xmas 2019 - No.134 - Target: £15,985.00 / Achieved: £8,0000 -
The loan calculator here:
http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=loan_calculator
says for £12000, 3 years, 9% APR and 12 repayments a year it should be £381.60 per month, total interest paid £1,737.48. Sound right?0 -
Yea sounds about right.
Thanks for the reply.EMERGENCY FUND CHALLENGE - £2,292.05 / £6000
DEBT FREE DATE - 16/02/2021
Pay Debt by Xmas 2021 - No.134 - £2,871.64 / £2,871.64 - 100% Paid
Pay Debt by Xmas 2020 - No.134 - Target: £7,985 / Achieved: £5,113.36
Pay Debt by Xmas 2019 - No.134 - Target: £15,985.00 / Achieved: £8,0000 -
£379.62 = 9% APR dead0
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