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chocaholic110
Posts: 2,509 Forumite
in Loans
Just requested a A&L loan for OH as his Cahoot loan interst has risen to 13.9.
Asked for £5600 over a year. A&L say interest rate is 6.9% and monthly payment is £525.
Using the snowball calculator it says this should pay it off in 11 months. What am I working out wrong? Don't want to pay £700 interest over the year -that sounds more than 6.9% to me.
Can anyone mathematically minded help please?
Asked for £5600 over a year. A&L say interest rate is 6.9% and monthly payment is £525.
Using the snowball calculator it says this should pay it off in 11 months. What am I working out wrong? Don't want to pay £700 interest over the year -that sounds more than 6.9% to me.
Can anyone mathematically minded help please?
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Never mind, I worked it out for myself. He said yes to PPI when I told him to say no to PPI!0
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