Hi I have a finance agreement I am trying to sort for someone, I am totally lost by the figures, Hope some one here can help please.
Key Financial Information
Amount of Credit (A) £4000.00
Minimum Duration of this agreement 60 months
Total amount Payable (A + D))* (B) £7601.40
60 Monthly Payments* starting on 01/03/08 or, if no date is shown, on the date which is one month(s) after the date on which we sign the agreement; subsequent Monthly Repayments are payable on the same date in each month {But see clause 2.2} until the amount of credit and interest are paid in full.
Amount of Monthly Repayment (C) £126.69
APR 32.9%
Other Financial Information
Total Charge for credit* (D) £3601.40
Interest Rate 2.407 % per Month
Interest will be calculated on the daily balance outstanding on the account and applied to the account monthly (see clause 3)
A payment of less than the amounts due will be applied in proportion which those amounts bear to each other, unless you tell us otherwise.
Can anyone else add this up or am I doing it wrong.
I make
amount of credit £4000 x60 months @ 32.9% APR = £8197.69, they make it £7601
Total charge for credit= £4197 they make it £3601
And payment protection
£2400 x60 months @32.9% = £4918, they make it £4560
total charge for credit = £2518, they make it £2160
Or am I not reading this properly?
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