Can i just ask if you could check over my maths...i know it's very basic, but i just want to check.
My loan currently stands at £10,000 (Originally 9k but has raised due to interest)
So - i'm earning £21k
21,000 - 15,000 = £6,000
9% of 6,000 = £540 (i pay per year) - £45 per month
10,000 / 540 = 3.42% (of my loan i am paying back)
Now the interest on the loans currently is as follows:
From 6 March 2009, the interest rate on Income Based Loans is 1.5%
The interest rate from 6 February 2009 to 5 March 2009 was 2%.
The interest rate from 9 January 2009 to 5 February 2009 was 2.5%
The interest rate from 4 December 2008 to 8 January 2009 was 3%
The interest rate from 1 September 2008 to 4 December 2008 was 3.8%
So, if we're currently at a very low 1.5% - i am reducing my total amount by:
3.42 - 1.5 = 1.92% per year
And with the older rates (3.8%) i was actually paying less than my interest was adding on? Is that correct?
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Have i got my loan repayment calculations correct? watch
- Thread Starter
- 31-07-2009 14:58
- 31-07-2009 15:03
Yes, that's correct.
Use this tool to help you work out tax and such:
That's how I worked out your £45 repayment.