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a genius with numbers needed

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£70,000 less lump sum payment of 10% each year an interest rate of 6% monthly payments of £750 plus over payments of another £750 how long will it take to pay it all off? Read More
9y, 1m agoPosted 9 years, 1 month ago
£70,000 less lump sum payment of 10% each year
an interest rate of 6%
monthly payments of £750 plus over payments of another £750
how long will it take to pay it all off?
9y, 1m agoPosted 9 years, 1 month ago
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(12)
#1
#2
Assuming the 10% is applied at the end of each year approx 4 years
#3
explain what u mean with "plus over payments of another 750"
does that mean ur gonna pay 1400 every month?
Then ur looking at about 4 years and 2 months
#4
yes he meant 1500 pcm (typo - 1400?)
#5
Forsaken
Assuming the 10% is applied at the end of each year approx 4 years

I only calculated the 10% once
then yearly interest of 6%
#6
Forsaken
yes he meant 1500 pcm (typo - 1400?)

lol yes and she
#7
oops - apologies :)
#8
simple or compound interest??
1 Like #9
If interest is calculated monthly (6% = 0.4867%ish/month)
If you are paying £1500 a month
If you are paying an additional £7000 (10%) on every anniversary

then after 37 months you'd owe just over £700 for a final payment ;-)

(paying back around about £75770 in total)
#10
I applied 10% on outstanding balance not original amount which would explain the different amortisation periods
#11
you guys are too clever for your own good :-D
#12
the 10% is of the outstanding balance so after year one it wont be 7000 - it will be 70000 - 7000 - (1500x12) - SORRY!!! with all the numbers involved I forgot that bit!

thanks for all the help.

Im locked in to my deal for another 6 years and the penaltys at the moment are £5000 to come out of it now but I am allowed to pay this 10% PLUS the overpayment of an equal amount to the monthly payment hense the £1500 but this means that I will be paying it off before the end of the lock in period and it has been suggested that I may still get early redemption charges even tho they have said I can make these extra payments without EDC!!! can anyone explain this any further???