Just trying to work out what will be outstanding at year 10 of our secured loan as there is a loyalty bonus paid at year 10 and was wondering if that would pay it off.
Original loan £28000.00
Term 180 months
APR 11.10%
Monthly payment £311.51
Is there an easy way of working it out?
7 year IVA completed in December 2016 - there is light at the end of that tunnel
Not me Cath - I can only add two and two together with a calculator!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Not from the information you have given, Cath. You need to know what the terms of the loyalty bonus are as stated in your loan agreement, but you may find that it is discretional.
It's based on maintaining payments for 10 years, never missing a payment and not paying off the loan early and will be £5900.86. It's with Nemo Personal Finance, part of the Principality BS, quarterback scheme.
Does that help at all?
7 year IVA completed in December 2016 - there is light at the end of that tunnel
Assuming your APR is fixed then total cost of the loan will be £56071.80.
If payments of £311.51 are maintained for 10 years (120 months), then the total outstanding should be £18690.60 @120 months.
Cath wrote:
Just trying to work out what will be outstanding at year 10 of our secured loan as there is a loyalty bonus paid at year 10 and was wondering if that would pay it off.
Original loan £28000.00
Term 180 months
APR 11.10%
Monthly payment £311.51
