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"Finance thingies."

You know when you buy something on credit, and pay in installments? Well you know how the Monthly payment is obviously lowered depending on how much you pay upfront?

Yes?

Well, could you possibly point me in the direction of a calcumalation doohickey that can work out what my Monthly payments would be depending on varying levels of up-front payment? I'd have to take into account the interest rate too of course. EDIT - and the term of the agreement also

Failing that, how would I work it out myself? I ain't exactly a mathematics whizz, and trying to work it out in my head just makes it hurt :(

Mode wrote:
> Wouldn't it be.
>
> 7.7 (30 / 100) = Amount of interest.
>
> 30 X Amount of interest = Amount to pay
>
> '/' being divide and 7.7 (30 / 100) being work out 30 divided by 100
> and then multiply it by 7.7 (the interest rate).


Whats the difference?

Dont they both get the same answer?

*implodes*

Would you be so kind as to work it out for me? I'll give you a virtual cookie :-)

Price - £2700 roughly
term - 36 Months
Interest rate - 19.1%

Can you give me Monthly Payments with:

no deposit
£500
£1000

I'd be muchos grateful :D

Creepy wrote:
> Don’t quote me on this, but I’m trying :P
>
> The interest is something like 7.7% on the monthly payment is it?
>
> if so just (in a calc)
>
> Monthly payment X interest
>
> Example
>
> £30 X 7.7% =
>
> £30 X 0.077 = 2.31
>
> So you'd just add that to the 30 and get the final amount with
> interest.
>
> I hope I’m right :\

Wouldn't it be.

7.7 (30 / 100) = Amount of interest.

30 X Amount of interest = Amount to pay

'/' being divide and 7.7 (30 / 100) being work out 30 divided by 100 and then multiply it by 7.7 (the interest rate).

\o/

Congratulations.

Nah, I already have one of those.

Phew.

When I first read the title I thought it said

"Fiancé thingies"

I was going congratulate you :\

Interest rate is 19.9% I think, but I get what you're saying. after working it out, it looks about right.

Don’t quote me on this, but I’m trying :P

The interest is something like 7.7% on the monthly payment is it?

if so just (in a calc)

Monthly payment X interest

Example

£30 X 7.7% =

£30 X 0.077 = 2.31

So you'd just add that to the 30 and get the final amount with interest.

I hope I’m right :\

I was about to answer, then realised I couldn't really.

Worrying considering I have a math exam tomorrow...