Loan Figures not adding up

Gynx

Afternoon

Im probably missing something obvious here, but whilst looking into reducing interest rates of various loans we have, I cant get my head around the repayments on one of them.

The statement says:

Amount of Credit: £5000
Agreement Date: 25th February 2020
Duration: 52 months
Fixed Rate 4.9000% per annum
Initial payment was £114.11
Monthly payments are £114.77

The drawdown was £5508.60

Is it just me, or should the monthly cost be around £106 ?

Looks to me like the duration should be 48 months & not the stated 52 ?

Thanks

Jami74

What date did you make the first payment? Was it 25th March 2020 or a different date?

Thrugelmir

Sounds as if initial repayments were deferred. What were the terms of the loan? 

Chris_English

4.9% is the flat rate, APR’s about 10%, so the payments seem correct.

Thrugelmir

Chris_English said:

4.9% is the flat rate, APR’s about 10%, so the payments seem correct.

The OP appears to be querying the 52 months of repayments @ £114. As this exceeds the total amount repayable on the loan. 

Gynx

Thanks for the replies guys, Thrugelmir, almost bang on the money.

Had totally forgot about the COVID-19 - 3 month deferral.

Worrying that the customer service rep at the bank couldnt work it out either though.

Thanks guys , actual term was 49 month.