Workout Loan How Many Months Are Left?

ecoverbee

My wife has a loan and we cant check the balance without ringing up and asking and we got all the details in October. I was wondering if you know how to work out how many payments are left. I cant seem to find the sheet with the details on.

Loan October 2012

Min Payment £418.87
Total £10,375.83
APR 19.5

Thanks
andy

TadleyBaggie

It would appear to be a 24 month loan, (total / payment), assuming one payment has been made, you will have 23 left.

talana

Easiest way is just plug the numbers into a calculator.
I make it 32 months

It would appear to be a 24 month loan, (total / payment), assuming one payment has been made, you will have 23 left

That would be if 0%, ie all the payment comes off the capital. Some of course is interest.

JimmyTheWig

I agree with talana.
Putting the total amount, interest rate and 32 months into the calculator on this site (http://www.moneysavingexpert.com/loans/cheap-personal-loans#calc) gives a monthly repayment of £418.

So at the point in time in October when you got these figures there were 32 payments left to be made.
Depending on when in the month that was and when in the month payments are made then there are between 30 and 32 payments left.

ecoverbee

Thanks for the help

Thanks
Andy

CLAPTON

it depends upon what the OP meant by 'total'
is that amount borrowed?
or total cost over the period?

ecoverbee

It was settlement figure in October

JimmyTheWig

ecoverbee wrote: »

It was settlement figure in October

Then that could, presumably, have charges added to it.
In which case the term might be shorter than the 32 month answer given.

Probably best to ask them!

_Andy_

Why not just ring the provider and get a definitive answer?