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Originally Posted by Damien
So how much would a £10,000 loan cost? Take in mind the loans are taking out over the 3 years instead of the whole wack at once. Also £10,000 is without the fees (i dont know if they are simpply scrapping top up fees or all of them)
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A £10,000 loan with annual interest of 7% generates £700 in interest payments per year, or a little over £58 per month. The actual monthly repayment depends on how many years the loan is repayable over. If we say 10 years, then you also pay back £1,000 of the capital per year, or a little over £83 per month, so the total monthly repayment is a little under £141 per month.
That is, if I've remembered how to do those calculations properly ...