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Help understanding APRs

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katglasgow Posts: 404 Forumite

27 May 2005 at 4:04PM in Debt-free wannabe

Can anyone help me please? I am trying to refine my best plan of action for paying off a flexible loan I have with Egg. The loan currently stands at £6,325.74 and the APR is 7.7%. My monthly repayments are on the 5th of the month and are £183.

I am trying to get this all into an Excel spreadhseet.
So on 5th June, I will pay £183, but obviously insterest has to go back on. I have done my sums as £6,325.74 / 100 * 7.7 = £487.08 / 12 = £40.59
Soon the 6th June my balance will be £6,325.74 - £183 + £40.59 = £6,183.33

Is this right?

Thanks!

Me debt free thanks to MSE :T

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