Loan repayment--RU good at maths?

Question

I BORROWED £4,000 FROM BUILDING SOCIETY. THE INTEREST RATE IS 15.9%. I AM PAYING IT BACK AT £152..something. HOW LONG WILL IT TAKE ME TO REPAY IT ALL BACK

Answer 1

I think this is right...

To find total amount payable you need to do 4000*15.9/100 which is 636, then add that to 4000, so 4636.

So if you're paying back £152 a month, divide 4636 by 152, which is 30.5.

So the answer to your question is around 30 months.

Answer 2

I am estimating around 5 years, give or take a few months.

Here are my workings (I cannot find my calculator!)

I have a £2500 loan and pay interst of 16%, I am paying £50 a month, it will take 5 years.
If I were to divide the time taken by three as I will multiply the amount of my loan by 3
I get that for me to pay 150 a month on my loan, I'd pay it back in 2 years and around 8 months,
your loan amount is almost double mine, so I'd estimate it at 5 years.

Or more simply put, paying back x percent of a loan while being charged 16ish apr will leave you with 5 years to be paying.

I know, depressing isnt it, I have the same problem.

Answer 3

I get 33 months and about 950 pounds interest. The calculator linked below assumes $, but the math is the same for any currency.

Answer 4

The correct answer is 32 months, and 870 in interest. The answer was given by someone earlier. All the rest are approximations.

Answer 5

I came up with 33 payments and about £950 in interest.

You've got 3 or 4 answers that are all pretty close.

Answer 6

it will take 35 months if what u said ur paying 152 per month
Paying around 1320 interest.and im no use at economics
I should have been , im just good with figres

Answer 7

You will make about 32 monthly payments and pay back about £900 interest.

Answer 8

between 32-33 months with payment of 154.18 @32 months and interest of 933.80, or payment of 150.43 @33 months with interest of 964.05