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| Working out the APR; Have you been charged the correct amount | |
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| Topic Started: Jan 10 2007, 10:04 PM (175 Views) | |
| blue2kuk | Jan 10 2007, 10:04 PM Post #1 |
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Upon checking the APR on my finance agreement, I note I have been charged 19.9% on the amount financed. The Finance charges and admin fee have not been charged interest, its strange concerned the APR will normallt takes into account all charges made under a agreement, interest, fees etc. If you want to check your APR, visit APR Cal used by Trading Standards and Office of Fair Trading. Install it into your PC. When you open it, carry out the following: Loan Amount = Amount Financed Regular £ = Normal monthly payment Number = Number of months payable. Click Calculate. Total Amount advanced = £5202.00 Total Amount payable = £.00 Total Charged for Credit = £2200.00 For Example. Lets Say, I took a loan with DAF for £5,202, monthly payment £153.55, over 48 months. Here's the results. APR Results: Loan Totals ... Total Amount Advanced = £5202.00 Total Amount Payable = £7370.40 (TAP) Total Charge for Credit = £2168.40 (TCC) Rate Results ... Period Rate = 1.52269385361% Nominal Annual Rate = 18.2723262433% Effective Annual Rate = 19.8829983255% Annual Percentage Rate = 19.9 (APR) These figures are spot on, hope this helps. Regards Blue2kuk |
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6:23 PM Nov 8
