Nessicle
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Hi all wonder if someone works in a bank who can help me!
I took out a loan in 2006 over 7 years for £7,000 APR 6.9% (84 months). I pay £215 a month.
I'm trying to work out how long I have left, this is my calculation please tell me if its wrong!
I've worked out with interest at the end of the 7 years I will have paid £18,060.
Deduct from that the 6 years @ £215 I've already paid = £15,480.
Leaves a balance of £2,580 divided by £215 = 12 (months)
is this correct?
I took out a loan in 2006 over 7 years for £7,000 APR 6.9% (84 months). I pay £215 a month.
I'm trying to work out how long I have left, this is my calculation please tell me if its wrong!
I've worked out with interest at the end of the 7 years I will have paid £18,060.
Deduct from that the 6 years @ £215 I've already paid = £15,480.
Leaves a balance of £2,580 divided by £215 = 12 (months)
is this correct?
