Working out settlement figure of loan.

Steameh

Hi all,

Is there any easy way to work out the settlement figure of my loan?

The loan was for £12,000 over 36 months and the total repayment is £13.698.36

So that's £1,698.36 interest. I think the loan was 8.9% APR.

The current balance of the loan is £10,654.28 with a settlement figure of £9,442.01.

Any ideas?

Gymgenius

Why not ring the loan provider and ask them?

Steameh

Gymgenius wrote: »

Why not ring the loan provider and ask them?

Because I would like to know if there is a way I can work it out myself.

Tixy

I don't think there is an easy way to work it out no.

I've had a play around with the figures you have given in a spreadsheet and can't get back to that settlement figure of £9442.01 after 8months. I've tried a couple of different ways but each time came back with a slightly higher figure than that as a settlement figure.

CLAPTON

how many payments have you made?

Steameh

Tixy wrote: »

I don't think there is an easy way to work it out no.

I've had a play around with the figures you have given in a spreadsheet and can't get back to that settlement figure of £9442.01 after 8months. I've tried a couple of different ways but each time came back with a slightly higher figure than that as a settlement figure.

Ok, thanks for trying anyways.

I guess I could just decide the total interest by 36 months, that would indicate roughly how much is going toward interest and how much paying off the balance. It won't be accurate but will give me a rough idea.

Thanks again.

[Deleted User]

they may charge 2 months interest for settling early