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christine63

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Why does the total charge and monthly repayments not correspond to the interest rate quoted?

 

Where are the trems it refers to?

 

Is this legit?

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The reapyments DO correspond to the interest rate quoted

 

What terms do you mean?

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Do you know the formula to cacluate it as nothing I find on the internet gets to the same repayments at a rate of interest of 7.9%? The APR of 7.9% gets close and as this is rounded up is probably correct

 

The terms mentioned in the agreement under KEY information are not legible as they are not represented within the agreement.

 

There is also " your right to cancel" missing from the agreement

 

Thanks in advance

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Google "dualcalc" that'll do all the calculations for you. It shows the rate of interest as 7.5 something % and the apr as 7.9%.

 

The bit about a right to cancel only has to be in there if you did have a right to cancel. Not all agreements are cancellable.

 

From what you are saying about the other terms it appears that they have not sent you the terms and conditions, which they are supposed to do

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Wow, that looks complicated, dont understand it. However, if your saying the actual interest rate is 7.5% something and the prescribed rate of interest is stated as 7.9%, then surely this makes the agreement unenforceable?

 

I am confused though because with no compounding or extra cost within the loan shouldnt the APR and Interest rate be the same?

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very sorry, I left out a VERY important word (typing in a hurry) the NOMINAL rate of interest is 7.5%.

 

You're right, the apr and actual rate of interest is the same

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So when the statement on the agreement is "The rate of Interest is 7.9%" this is correct?

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yes

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