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Check My Logic
:eek: Hi Moneysavers,
I am deciding to take a loan out or take out my savings - can you help....
Option 1 - Take out Loan
1) Take out a loan for £6,500
2) Pay over 5 years
3) Repayment £133.53 * 60 payments
4) Total cost £8011
5) Toal cost = £1,511
If I take the loan and protect my savings...
1) £6,500 in an ISA Bond at 5.8%
2) Kepp in for 5 years
3) Compound interest would = £8,616
Therefore it would be better to go for the loan, unless the interest rates go down.
Can anyone else see any issues with my logic...
Appreciate your thoughts.
Cheers,
Albert:eek:
I am deciding to take a loan out or take out my savings - can you help....
Option 1 - Take out Loan
1) Take out a loan for £6,500
2) Pay over 5 years
3) Repayment £133.53 * 60 payments
4) Total cost £8011
5) Toal cost = £1,511
If I take the loan and protect my savings...
1) £6,500 in an ISA Bond at 5.8%
2) Kepp in for 5 years
3) Compound interest would = £8,616
Therefore it would be better to go for the loan, unless the interest rates go down.
Can anyone else see any issues with my logic...
Appreciate your thoughts.
Cheers,
Albert:eek:
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