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Help please from anyone who understands interest!

26 replies

Ruple · 20/05/2021 14:04

If I have a loan of £30,000 and the interest I am paying monthly on that loan is £110.20 a month, what is the interest rate please? I do not have a maths brain or any understanding of how this is worked out. Thanks

OP posts:
DadDadDad · 22/06/2021 20:46
Blush

Memories of doing actuarial exams which included a paper which was basically "communicating to the layman" and a typical question might be to imagine writing to your aunt who wanted to understand how her mortgage payments worked...

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