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settlement figure can not work out
Hi my son has a loan for £4.000. Payments £125 per month for 48 months he took out in April and first payment due May 2012 he has paid 7 payment of £875 up until November 2012. He has a settlement figure of 5.208.71 less rebate 1.420.64 but still owns 3.787.87 ..IS THIS RIGHT ? PLEASE HELP THANKS
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Comments
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Seems about right to me. Settlement figures give you a rebate of interest on the account not a refund. I'll link a settlement figure calculator below which should help you to work out roughly what will be due.
http://www.financecalcs.co.uk/Calcs/Settlement.php0 -
Hi my son has a loan for £4.000. Payments £125 per month for 48 months he took out in April and first payment due May 2012 he has paid 7 payment of £875 up until November 2012. He has a settlement figure of 5.208.71 less rebate 1.420.64 but still owns 3.787.87 ..IS THIS RIGHT ? PLEASE HELP THANKS
unfortunately, if one takes out loans around 24% APR then during the early months you are paying mainly interest and only a little off the capital.0 -
That is a high APR, can he make larger monthly payments?Debt-Free day 30th September 20140
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