[Scrogg]

Quote: Originally Posted by SteveBrass (original)

You don't have to (as a consumer). The credit offer and agreement should give you this.

Yes it does, but that isn't much use to anyone in the early stages of trying to find the best loan.

Quote: Originally Posted by SteveBrass (original)

But as a matter of interest about £2137

I meant per month, not overall, but thanks anyway. How did you calculate that?

I'm not trying to fall out with anyone here, so please don't think I'm looking to start a fight, but the point I am trying to make is that knowing the flat rate makes it far easier to work out a monthly payment than knowing the APR.

Looking at the same £10k over 5 years at 4% flat I know that I will pay 4% of the amount borrowed, for each year of the loan, so my payment will be 10,000 x (4% x 5) / 60 months.

So, £10,000 x 20% / 60 = £200.00 per month. A total interest charge of £2,000.00.

I defy anyone (apart from Steve and Martin, obviously! ) to show the same simple calculation just knowing the APR is 7.9%.