Fees Charges interest and APR
A quick intro to the subject just skip the bits you already know.
Interest
Basic or flat rate annual interest is calculated using three basic values
1) Total Credit (the amount you borrow)
2) Interest
3) Repayment period
The sum of the first two is the Total Amount Payable (TAP)
So say you borrow £200 pounds over 24 months and the interest is 30% p/a
The interest on the credit would be £60 per year for two years or 2*60=£120
The TAP wou
Hi
Thanks for the explanation, didn't know it could be so complicated! I was always rubbish at maths at school.
According to the prescribed terms and confirmed by Peter, as I took out a loan, the rate of interest isn't required in my case. Peter also reckoned I could possibly challenge if the interest has been incorrectly calculated however your calculation indicates the interest charged is pretty much correct.
So, all in all, I think I will have to admit defeat and accept it is p