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Loan interest
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Can any one help me
I have a 10,000 loan on 3.7% I get 10% of the interest back after the term ends (5 year) wich is around £95 however if I overpay I do not get the 10% back
The question is I would like to overpay but cannot work out how much I would need to overpay to break even on the cash back before making a saving on future interest
I have a 10,000 loan on 3.7% I get 10% of the interest back after the term ends (5 year) wich is around £95 however if I overpay I do not get the 10% back
The question is I would like to overpay but cannot work out how much I would need to overpay to break even on the cash back before making a saving on future interest
0
Comments
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You save about £0.30 a month for each £100 you pay off early.
If you overpay more than around £17 a month you save more than the £95 you lose.loose does not rhyme with choose but lose does and is the word you meant to write.0 -
Great thanks for info redpete0
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