F
Fionn
Guest
I have 21 months of a 48 month load repaid. I'm thinking now of paying off the loan in full.
At the time, I did not look at the terms and conditions. All I was concerned with was the amount borrowed and the monthly repayments.
Looking at the agreement now, there are a couple of things I don't understand. I probably just don't understand the concepts. Maybe somebody might shed some light on these for me.
Under the section CREDIT AGREEMENT it states the APR is 5.67%. On the same page further down under the section FINANCIAL DETAILS it states "interest rate of 2.87% per annum".
Both sections state amount of credit 33992, cost of credit 3964.13, total repayable 37956.13.
Why the two different interest rates?
Is the cost of credit stated not around 11%?
Someone show me the blindingly obvious!
Thanks.
At the time, I did not look at the terms and conditions. All I was concerned with was the amount borrowed and the monthly repayments.
Looking at the agreement now, there are a couple of things I don't understand. I probably just don't understand the concepts. Maybe somebody might shed some light on these for me.
Under the section CREDIT AGREEMENT it states the APR is 5.67%. On the same page further down under the section FINANCIAL DETAILS it states "interest rate of 2.87% per annum".
Both sections state amount of credit 33992, cost of credit 3964.13, total repayable 37956.13.
Why the two different interest rates?
Is the cost of credit stated not around 11%?
Someone show me the blindingly obvious!
Thanks.