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dont understand my loan repayments???
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hello all just a quickie.
northern rock are offering loans of 6.2%
ive entered in details as follows, £9000 - 120 months. = £100.19 per month,.
this adds up to £12022.
can someone explain how the interest is worked out as this figure is alot more than 6.2% of £9000.
I know i missing something simple, but i just need telling what it is. lol
thanks
northern rock are offering loans of 6.2%
ive entered in details as follows, £9000 - 120 months. = £100.19 per month,.
this adds up to £12022.
can someone explain how the interest is worked out as this figure is alot more than 6.2% of £9000.
I know i missing something simple, but i just need telling what it is. lol
thanks
0
Comments
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It's 6.2% of the amount outstanding for every YEAR the loan is outstanding.0
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doh thanky you:beer:0
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Just remember that they quote in APR - Annual Percentage Rate.Dave. :wave:0
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