To ask a maths genius to help me?

[prepared101]

I purchased something on a buy now pay later 0% interest for 1 year agreement 11 months ago. The balance was £3,296.25.

I've just logged into the finance portal to settle the balance before the zero percent period ends and the balance to settle is £3,325.25

I'm about to pay it so I don't forget next month but I want to email the company asking them to reimburse the £29. Can anyone tell me what the equivalent interest rate is having paid £29 interest over 11 months on the starting balance so my letter sounds even crossed!?

Thanks!

That round figure looks like some kind of admin fee to me. Do you have a full statement?

Approx it is 30/3000 x 100% = 1%. So hardly anything.

It's more than zero percent!

It sounds like some kind of fee.

There's no fees mentioned in finance documents. We had the cash to pay for it in full but the finance deal was such the money would earn more in savings then pay off a year later

I know it's more than 0% and they shouldn't be charging it, but it is still <1% so turning it into a percentage rate probably won't make you sound crosser as the rate is still very low.

Have you asked them what the £29 they've added is? As PP have said I doubt it's interest.

There's quite often an admin fee for closing the account, I think it was the same when we paid off pour mortgage.

I’m impressed that you found anywhere offering you sufficient interest to make all this faff worth it tbh!