How to calculate settlement figure
Discussion
Just as a quick calculation if you have been paying for exactly 4 years then you would now owe 17,455.72.
That is unless I made a mistake, which is known to happen now and again.
I would get a second opinion though and also exactly how many months have you been paying? It seems a lot but I guess because the majority you pay for the first few years is interest they really get your money out of you.
Hope this helps
That is unless I made a mistake, which is known to happen now and again.
I would get a second opinion though and also exactly how many months have you been paying? It seems a lot but I guess because the majority you pay for the first few years is interest they really get your money out of you.
Hope this helps
ScuttleRX said:
25k over 10 years (£311 a month)
:shocked: that's some interest rate!ETA: There's a built in MS Excel function for working this out I believe - I'll see if I can find it later if nobody else has come up with the answer.
Edited by timskipper on Thursday 28th February 16:22
mcflurry said:
Assuming its interest rate is set at 8.5% and the loan started on the 1/1/04 I make it around £17k
Disclaimer - This was done on a piece of paper, so may not be 100% accurate etc etc
Good someone gets the same as me. I was in a rush this morning when I calculated it.Disclaimer - This was done on a piece of paper, so may not be 100% accurate etc etc
I based it on 8.578% interest.
So if you have paid for
4 years then you will still owe. 17,455.72
4.5 years then you will still owe. 16,318.18
5 years then you will still owe. 15,130.98
Hope this helps
Piglet said:
AndyADH said:
Alternatively Excel works well
Can you explain how to do this in Excel? Is there a specific formula? I'm always puzzed by settlement figures and have tried to understand the whole 78's thing but my absolute stupidity with numbers makes it difficult.
Cheers
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