Help with Monthly Versus Yearly Interest Rates

getmore4less

Thats right with flat rates just a divide to get the daily/monthly rate the short term APR will be higher for that flat rate depending on the compounding.

The rate you have does not include the compounding.

olsen

With regards to the car analogy, it’s like, when I bought the car 5 years ago, the dealer couldn’t tell me if it was diesel or petrol when I asked, and the page specifying it was missing from the manual. Believing it was an economic diesel car, it was only by trial and error and checking the mileage, that I a few years later realised that it was in fact a petrol.
Now when I am selling the car on, I have asked the dealer to provide me with that missing page/written documentation that it is indeed a petrol car, but all I get is still different answers, and some guy telling me that most car dealers tend to sell petrol.
He may very well be right, but as long as the dealer can’t provide me with the written documentation, that this is normal practice, I believe I still have a case.

TrickyDicky101

But the bank has told you what the rate is in your offer document - you just interpreted what they said differently from what it was in reality.

I am not condoning the misinformation given subsequently when you rang up - it is a poor reflection on the training given to the bank staff.

olsen

I still think, if I have had the information and documentation I have asked the bank for, and still am asking for, I wouldn't have been able to interpret it differently -and I believe the bank should provide me with enough information, so it wouldn't be possible to misinterpret?

olsen

I am sure, most likely being up against every single bank in the country, I am not going to get far with this claim, but the lack of information/clarification still annoys me.
It would have been a great help if the bank could have answered my, I think quite reasonable, question: "what will I owe you after the 5 years fixed term" So I didn't have to calculate/guess myself,