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Posted: Mon Apr 12, 2010 6:44 pm
by Cath
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?
Posted: Mon Apr 12, 2010 6:47 pm
by kallis3
Not me Cath - I can only add two and two together with a calculator!
Posted: Mon Apr 12, 2010 7:55 pm
by johnh
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.
Posted: Mon Apr 12, 2010 8:10 pm
by Cath
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?
Posted: Mon Apr 12, 2010 8:12 pm
by New Leaf
Trigonometry and Calculus no problem, but as soon as you put a £ sign in front of the number that's me done for.
Posted: Mon Apr 12, 2010 8:16 pm
by Cath
Maybe you could have a word with my son about algebra New Leaf!
Posted: Mon Apr 12, 2010 8:21 pm
by Sinking Fast
Hi Cath,
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
Is there an easy way of working it out?
Posted: Tue Apr 13, 2010 3:35 pm
by Cath
Thank you...makes perfect sense now!