Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Help calculating APR please
Options
-
10-04-2012 9:30pm#1
Comments
-
Hi all, I wonder would anybody out there be able to help me figure out how much a loan of €16k cost me over 5 years at 7.8%APR. The more i'm trying to figure this out the more confused I'm getting.
Any help would be really appreciated
What are you trying to figure out exactly? The total amount repaid? Any idea what the interest rate is as opposed to the APR?0 -
-
What are you trying to figure out exactly? The total amount repaid? Any idea what the interest rate is as opposed to the APR?
Hi Killers1, I'm looking at my credit agreement here but don't see an interest rate, only APR!!!
Yes, I need to know how much this cost me/how much I repaid, it was for legal fees which I'm trying to recover but I'm merged the loan at the time so I'm just trying to seperate them now but having a blonde moment
0 -
Hi Killers1, I'm looking at my credit agreement here but don't see an interest rate, only APR!!!
Yes, I need to know how much this cost me/how much I repaid, it was for legal fees which I'm trying to recover but I'm merged the loan at the time so I'm just trying to seperate them now but having a blonde moment
Just multiply the monthly repayment by the number of repayments you made (60 if it was the full 5 yrs!) Then subtract the original loan amount i.e. €16k from total repaid to see total int paid.. My calculations work out that you were paying around €322pm which would have totalled €19,320 giving the cost of credit as €3,320...0 -
-
Advertisement
-
-
Hi Killers1, I'm looking at my credit agreement here but don't see an interest rate, only APR!!!
Yes, I need to know how much this cost me/how much I repaid, it was for legal fees which I'm trying to recover but I'm merged the loan at the time so I'm just trying to seperate them now but having a blonde moment
What's the monthly repayment quoted on the credit agreement?0 -
OMG, could this be right, delighted if it is as I'm hoping to recover the costs but seems high!
Impressive formula btw, can I ask what (1.078) is about, for furure reference?
http://en.wikipedia.org/wiki/Compound_interest
The compound interest formula is
FV = PV(1+r)^t
fv= future value
pv = present value
r = interest rate
t= time
BTW, It does seem very high all right. I wouldn't get your hopes up
0 -
Just multiply the monthly repayment by the number of repayments you made (60 if it was the full 5 yrs!) Then subtract the original loan amount i.e. €16k from total repaid to see total int paid.. My calculations work out that you were paying around €322pm which would have totalled €19,320 giving the cost of credit as €3,320...
A great idea but don't think i can get it to work for me becasue of the merge! I had a balance of €2,770 remaining from an older loan which was added to the €16k plus there was PLP (insurance) totaling €2,227.03, so all together my loan was for €20,997.03, over 60 months and paid back 419.87 p/mth. Total amount repayable, according to my credit agreement here was €25,256.14.
So, you see my problem, i'm getting into bother trying to seperate €16k from the the insurance and the €2,770 0 -
TiGeR KiNgS wrote: »http://en.wikipedia.org/wiki/Compound_interest
The compound interest formula is
FV = PV(1+r)^t
fv= future value
pv = present value
r = interest rate
t= time
BTW, It does seem very high all right. I wouldn't get your hopes up
That formula's not going to work as it doesn't take into account that interest is calculated on the balance outstanding which is reducing all the time..0 -
Advertisement
-
-
Here's the most accurate way I could work it out.... and it agrees with the figures I gave you above.....A great idea but don't think i can get it to work for me becasue of the merge! I had a balance of €2,770 remaining from an older loan which was added to the €16k plus there was PLP (insurance) totaling €2,227.03, so all together my loan was for €20,997.03, over 60 months and paid back 419.87 p/mth. Total amount repayable, according to my credit agreement here was €25,256.14.
So, you see my problem, i'm getting into bother trying to seperate €16k from the the insurance and the €2,770
Total Borrowing = €20,997.03......€16,000 is 76% of this figure so work out 76% of total credit i.e. €25,256.14@76% = €19,194 = total cost of credit €19,194-€16,000 = €3,194. Not 100% accurate but I think as close as you'll get...0 -
-
Here's the most accurate way I could work it out.... and it agrees with the figures I gave you above.....
Total Borrowing = €20,997.03......€16,000 is 76% of this figure so work out 76% of total credit i.e. €25,256.14@76% = €19,194 = total cost of credit €19,194-€16,000 = €3,194. Not 100% accurate but I think as close as you'll get...
That looks right, more in line what I would have expected. Thank you so much for persevering:) Theres a good chance interest isn't taken into consideration when it comes to recovering legal costs but I'm going to give it a shot Big thanks 0 -
-
-
Are you just trying to work out the €16k and what that would cost you to borrow over 5 yrs @ 7.4% ignoring the existing balance & payment insurance? If so, the monthly repayment on €16k@ 7.4% int rate & 7.8% APR amount to €322.95pm multiplied by 60 = €19,376.76 (total repayments) so cost of credit is €3,376.76
Yup, Thats exactially what I was looking for. Whatever hope I have of getting the interest back I'd have no hope of getting the loan insurance cost back. Thanks again for your help, spot on, as they say
0 -
Yup, Thats exactially what I was looking for. Whatever hope I have of getting the interest back I'd have no hope of getting the loan insurance cost back. Thanks again for your help, spot on, as they say
Those figures are accurate & should stand up in court if needs be!;) Feel a headache coming on.....0 -
-
-
Advertisement
Advertisement