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