High confusion rates!!

notyet

HELP!!!!

If any of you out there has a better mathematical brain than I (which i suspect is all of you) can you tell me how to work out what interest i am paying on an old loan?

A loan was taken out with the bank, but the original documents have been put somewhere extremely safe (!). I have figures for the amount outstanding, the original amount borrowed and monthly payments but nothing else, not even term of loan, though I'm fairly confident it was 36 months.

Thanks.
:huh:

chalkie99

Best if you supply those figures then!

No-one can help you unless you at least post the amounts repayable and the amount borrowed - then they will have to hope you are right in your 36 month guess.

TrickyDicky101

OK you need to state how many payments you have made and what is the current outstanding amount and the amount of your monthly repayment. Using your estimate of 36 months it should be reasonably easy to calculate the rate you are paying.

notyet

Oopps. Sorry Chalkie & Tricky. Senior moment, perhaps?

Amount outstanding £632.42 outstanding, monthly payment £24.50, 10 payments made to date. I believe the original amount borrowed was £800, but the other half is being rather uncommunicative.

TrickyDicky101

Well, Here are the implied nominal rates using a variety of total terms:

36 months...............0.6%
38 months...............6.8%
40 months...............12.0%
42 months...............16.3%
44 months...............19.9%
46 months...............23.1%
48 months...............25.7%
60 months...............35.8%
72 months...............40.6%

notyet

Thanks Tricky.
Much appreciated.