Wrong car on finance agreement

DoaM

Good point about £650 balance to the 50% point in the loan.

If he's paid off, say, 11 payments of £200 then he's paid £2,200 off the £4,800 loan leaving £200 to pay to reach 50%. But does the £4,800 include the interest? Or is the interest on top of this? (That's really what I meant when I said "balloon" - additional fees to be paid). It must be for there still to be £650 to pay to reach 50%.

(I'm aware that loans are front-loaded ... for the first few months you're only paying off the interest on the loan, not the loan capital itself).