My dear Scrogg, you are quite right that the flat rate calculation is the easiest way to get to monthly repayments, interest and so on.
To do the same with the apr you need a variety of look up tables, scientific calculator, excel and a cold towel - not always in that order.
The point I am trying to make is that if you want to compare borrowing with using your savings you need the apr because that is the rate you are effecively paying.
ps did you like my little pun "as a matter of interest (the interest is) about £2137?
R56 AB Cooper |