interest rates

[mnko]

Hi

im looking to borrow �20.000 and ive been told the interest rates for 5 years will be 7.99% could somebody tell me what that would work out at every week please. many thx

[Ethel]

Around �115 per week, without insurances.

[THECORBYLOON]

I used a site giving a loan calculator and it worked out to be �405.43 a month which is �85 less than Ethel's rate. The site is here.

[THECORBYLOON]

Sorry, that is wrong. The repayment rate is correct but the �85 isn't. The total paid comes to �24,331.67 compared to Ethel's �29,900

[themas]

If this is a Consumer Credit Act agreement, the agreement form you sign should show you the total amount you will pay, and the amount of each monthly payment. The lender should be able to give you this information anyway if you need it to help decide whether to go ahead.

[Financier]

All depends on how the lender calculates the interest, not surprisingly the borrower rarely benefits from a simple mathematical equation, the only real way is to obtain a detailed quote from the lender before borrowing