Hi Shellz
I've been trying to look at calculators for you to work this out, unsuccessfully, however. This is not my forte.
I do not know if this is the best rate you will get, it seems high to me to be honest.
If I were you, I would try several banks, as Badge said.
As you are paying nothing off for the first 24 months, obviously you're going to end up paying more interest than if you were able to chip away at the balance.
Would it be possible for you to get a gradual draw down: ie to minimise the amount of money that you are paying interest on, until you actually need the money (ie no need for 20,000 today, if you n don't need 10,000 of the money until 2009). This would significantly reduce the amount of interest you would pay.
I would investigate this a bit further before you commit to this loan.
Is there anyone who can work out the compounded rate/APR for this loan? (I can't)
Nicola