Help with maths question on a loan

[dave29]

Sorry if this is the wrong area.

My questions is this.

Many years ago I got a loan out. I've been tracking what is left with a few ICB reports over the years.

I'm a little confused as to when my last payment should be.

I pay 479.56 per month

In April ( 20th) 2010 i was sent 1 report stating the following.
Amount / Latest Balance Date: 12,540.35 / 31 March 2010


I got a second on the 27th July 2011 saying
Amount / Latest Balance Date: 6016.06 30-june-2011

6016.06 / 479.56 is 12.5 months ( roughly )

So will my loan end in June or July ?

The reason i ask is if you take 12,540.35 and divide by 479.56 you get 26.1 which could be May.

Any help would be great.

 

[Berni]

You aren't including the interest in your calculations.

Over the 15 months you paid out €7193 and your loan went down by €6524, so it looks like about 10% interest. At that rate you would have about 14 payments left so I would think august 2012 would be the end of it.