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Interest rate to APR

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james32_uk
james32_uk Posts: 1,223 Forumite
in Debt-free wannabe
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
Debt as at 12th July 2006 - £61,345 :eek: :eek: :eek:
Debt free 21st Oct 2011.

All thanks to :money:

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    what do you mean you are paying 10% ? ..how is it phrased in the T&Cs?
  • savvykaz
    savvykaz Posts: 890 Forumite
    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 434
  • james32_uk
    james32_uk Posts: 1,223 Forumite
    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:
This discussion has been closed.
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