A&L Secured Loan - Settlement Figure ?

edited 30 November -1 at 1:00AM in Loans
Sleepy_2Sleepy_2 Forumite
95 Posts
edited 30 November -1 at 1:00AM in Loans
I'm really confused over an Early Settlement figure just given to me by A&L...

Secured Loan started in July 06 over 25 years
Int Rate 6.9%
Amout £27,000
Monthly Payments £188.

From A&L website FAQ's...
Q. Can I repay my loan early?
A. Yes, this is possible. An early settlement fee of 1 months interest will be charged if the loan is repaid early.

The settlement figure for March 07 is £27,584. I knew that settlement figure wouldnt have changed much, as I would have been paying most in interest. I guessed that it would probably just be a few pounds under the initial £27,000 - can someone help me work out how they would have reached this figure ?
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