Need a program/guide to work out interest charges on loan

[ihaterbs]

Need a program/guide to work out interest charges on loan

 

Ok this is not regarding a claim and not connected to reclaiming charges so mods plz don’t just move it, and I searched for the best place prior to posting and this seemed most appropriate I could be wrong

 

Ok im seeking a program or clear guide that’s going to help me correctly calculate the actual interest charge on some loans I have!!!

I have my bank statements for my loans after a partially successful S.A.R!!

However I can’t for the life of me agree or even get close to there calculations

The loans where @ 2% above base rate taken out in Jan 2002 for 15k paying

134.54 pcm they state I still owe £13400 ive paid toward this loan (£10391)

The next is for 28k @ 2 % above in June 2002 paying 312.33 pcm

They claim I owe £22723 on this I have paid (£23307)

Now as there have been changes in the back base rate I’m having problems calculating the correct amount

This, coupled with the fact they add the interest every 3 months and this is then added to the principle … its proving difficult to me .So if you can assist or point me to a program plz help … im suffering a metal meltdown trying to work this out manually

Many thanks

[blacksheep1979]

ok the first one looks about right - the second one they say that you owe less than what you (borrowed - payments).

 

It does depend on how they calculate the interest - daily, monthly, yearly?

[blacksheep1979]

ok the new figures don't seem quite right - even if you take base as 4% and therefore interest is 6% and interest on the full amount for 5 years on the first loan would be 4.5k so the total would be 19.5k (not compounded) or a little over £20k compounded and thats assuming you hadn't paid off anything so the fact that the amount they state you owe plus the amount you say you've paid is far more than that makes me suspicious. The only problem there is that 5 years = 60 months and 60 months @ £134.54 per month = 8072.4 which is a fair chunk less than what you claim to have paid (have you overpaid at all?). If you have only paid a little over 8k then £13400 could be a settlement figure and that would seem about right.

 

The second loan again unless you've overpaid I'm getting 4.5 years = 54 months * 312.33 = just shy of £17k. Again 6% on 28k for 4.5 years with compound interest is £36k aprox so again with the figure I've got for payments and the figure they've quoted you owe is about right if thats a repayment quote.