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Interest rate to APR
james32_uk
Posts: 1,223 Forumite
Can someone help me with an interest calculation. If I'm paying interest at 10% on £8,000 over 48 months (not 10% APR) then what will I be repaying total and what would the equivilent APR rate be?
Thanks
Thanks
Debt as at 12th July 2006 - £61,345 :eek: :eek: :eek:
Debt free 21st Oct 2011.
All thanks to :money:
Debt free 21st Oct 2011.
All thanks to :money:
0
Comments
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what do you mean you are paying 10% ? ..how is it phrased in the T&Cs?0
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Hi - as CLAPTON says, what do you mean by saying you are paying 10%?
If you are just paying a one off payment of 10%, then obviously you will pay £800 on an amount of £8,000, but most loans show the interest rate as an APR.DMP starts June 2012, £38,180.
Balance June 2015 £26,046 (paid off 32%)
DMP mutual support thread no 4340 -
It's 10% flat rate interest rather than a APR.Debt as at 12th July 2006 - £61,345 :eek: :eek: :eek:
Debt free 21st Oct 2011.
All thanks to :money:0
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