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loan query
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Hi all, Can someone please clear something up for me?
If I take out a finance loan, is the 'total amount for credit' column the amount repayable or the amount before interest?
Also how is PPI calculated - If there is a simple formula for simpletons like myself:D.
Cheers
Rob
If I take out a finance loan, is the 'total amount for credit' column the amount repayable or the amount before interest?
Also how is PPI calculated - If there is a simple formula for simpletons like myself:D.
Cheers
Rob
0
Comments
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Rob,
Don't think there is a standard for those numbers.
Suggest you multiply the montly payment by the number of payments (adjusting for any up front or final payment) you can then find the total repayable (including interest) for your loan.
As for PPI, this is usually quoted as a monthly premium and the calculation will very much depend on the lender and how much profit they are trying to make out of you! You will usually be better of buying an income protection policy from an insurance company than paying for PPI.
Good luck
R.Smile
, it makes people wonder what you have been up to.0
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