Working out how much I owe

Nicky321

Is there any calculators that will help me work out how much I still owe on my flexible loan? I have the statement from Dec, but have not received one for Jan. On 23rd December my balance was £1486.23, since then I have made 2 payments of £120.00/month and the interest rate is 16.61%APR. Just trying to work out the figures for the snowball calculator.

Does £1279.43 sound about right?
Thanks in advance

Consumerist

The calculation goes something like this :-

An APR of 16.61% is equivalent to 1.289% pm (compound).

Dec balance       1486.23
Interest         +  19.15 (1.289% of £1486.23)
                ----------
                  1505.38
Payment 1        - 120.00
                ----------
Balance           1385.38
Interest         +  17.85 (1.289% of £1385.38)
                 ---------
                  1403.23
Payment 2        - 120.00
                 --------
Balance           1283.23

So your figure is about right according to my calculations.

henrykipson

thanks for sharing this information with us.