Hi,
I wonder if anyone can help me.
On the 21st June 2007, I had the following loan:
Amount of credit: €14230
Period:60 month (repay monthy)
Amount of each installment: €307
Total cost repayable: €18500 (cost of loan =3826)
APR=10%
Interest Rate: 9.63%
On the 11th April 08, after paying €3070 (10months * €307), I reckon I had a loan of approx. €15500 left. I decided to pay more money into the loan. My new repayment monthly is €459. This is the new contract that the bank sent me.
Amount of credit: €12666
Period: 32months
Amount of each installment: €459
Total cost repayable: €14696 (cost of loan =2030)
APR: 11.7%
Interest rate: 11.23%
So, my question is, I dont really know loans and interest are calculated. I guess im dissappointed that even paying an extra €150 per month (50% more) I am only saving €1000 overall. Are the figures above right?
Can anyone offer advice?
Thanks.
I wonder if anyone can help me.
On the 21st June 2007, I had the following loan:
Amount of credit: €14230
Period:60 month (repay monthy)
Amount of each installment: €307
Total cost repayable: €18500 (cost of loan =3826)
APR=10%
Interest Rate: 9.63%
On the 11th April 08, after paying €3070 (10months * €307), I reckon I had a loan of approx. €15500 left. I decided to pay more money into the loan. My new repayment monthly is €459. This is the new contract that the bank sent me.
Amount of credit: €12666
Period: 32months
Amount of each installment: €459
Total cost repayable: €14696 (cost of loan =2030)
APR: 11.7%
Interest rate: 11.23%
So, my question is, I dont really know loans and interest are calculated. I guess im dissappointed that even paying an extra €150 per month (50% more) I am only saving €1000 overall. Are the figures above right?
Can anyone offer advice?
Thanks.