# loan repayments high



## hoikey (Mar 9, 2011)

Hi guys. This has been playing on my mind for a while now. I have a £10800.00 loan for 48 months and an interest rate of 3.8% per annum. What should my monthly charges be?

I'm pretty sure I'm paying too much per month.


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## kempe (Jan 9, 2011)

Monthly Repayment:
£40.80


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## hoikey (Mar 9, 2011)

kempe said:


> Monthly Repayment:
> £40.80


I wish


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## bigslippy (Sep 19, 2010)

sorry , monthly payment or interest charged per month?


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## kempe (Jan 9, 2011)

Monthly Repayment:
£242.89


Wrong button :wall:


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## A210 AMG (Nov 8, 2008)

£242.58


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## A210 AMG (Nov 8, 2008)

http://www.fool.co.uk/Loans/loan-calculator.aspx


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## A210 AMG (Nov 8, 2008)

Total repaid £11,643.84 ish


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## CJA Valeting (Dec 7, 2006)

Total monthly payment would be £242.89
Total charge for credit would be £858.64
Total repayment would be £11658.64

Interest alone each month would be about £17.89

Hope that helps


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## hoikey (Mar 9, 2011)

Thanks. I'm currently paying 246.04 a month which I don't really understand :S


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## nick_mcuk (Jan 4, 2008)

CJA Valeting said:


> Total monthly payment would be £242.89
> Total charge for credit would be £858.64
> Total repayment would be £11658.64
> 
> ...


As above but the monthly interest should be £17.89


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## CJA Valeting (Dec 7, 2006)

nick_mcuk said:


> As above but the monthly interest should be £17.89


Opps sorry about that, I only got an D in maths :lol:


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## bigslippy (Sep 19, 2010)

hoikey said:


> Thanks. I'm currently paying 246.04 a month which I don't really understand :S


£246.77 is what I calculated so your payments are bang on


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## hoikey (Mar 9, 2011)

Why does it vary so much?


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## bigslippy (Sep 19, 2010)

hoikey said:


> Why does it vary so much?


The way the interest is calculated and any unseen charges


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