Loan Repayments

[Louise07]

Hi, Just wondered if anyone can help me out with a calculation that me and my boyfriend cant get our heads round.

My boyfriend has taken out a loan for �9,500 over 48 months with monthly repayments at �261.94.

He is borrowing me �6,000 of it and the remaining �3,500 is for himself, so I will be paying him back every month for my share of the loan.

Can somone work out how much I will have to pay him back every month out of the �261.94 for my share of �6,000, and how much will he have to pay for his share of �3,500, to make the total of �261.94??

Probably really easy, but im no good at maths!

Thanks in advance

[oldwoman]

you �175 Him �87

[Loosehead]

well assuming it's simple repayment. You have 12 19ths and he has 7 19ths so 261.94/19 = 13.79

12 x 13.79 = 165.48
7 x 13.79 = 96.53

so you pay 165.48 and he pays 96.53. but due to rounding you both have 7p to share out!

he may prefer oldwomans answer but I think she slipped a bit somewhere!

[vehelpfulguy]

Well I hope for his sake you dont split up or he could wind up regretting it.

Rather dangerous situation, him borrowing money, and then re-lending it on to you.

He may have been better to suggest you borrowed the 6,000 yourself, but I suppose it is up to him.

He'll learn.

[halfadaily]

working it out in percentages �6,000 represents 63.16%, and �3,500 is 36.84%. So your share would be �165.44, and your boyfriend would have to pay �96.50.
By going with my answer instead of Loosehead's you save yourself 4p ! Don't spend it all at once.

[Louise07]

Very Helpful Guy, If you read my question you will find your answer has no relevance whatsoever to my question.

Everyone else, thanks for your help!