How to work out how much I’ll pay back.

[ElGuardiandenoche]

Please can some one help me work out how much I’ll be paying back if I take out this loan It’s a credit union one and I need to have the form posted through their post box tonight for the committees consideration tomorrow.

The loan is for £765 and the interest is 3% per month on a decreasing balance. I am looking at paying £10 per week.

Thanks to anyone who can help me work it out.

Hi, I've just estimated it on a spreadsheet at 111 weeks thus £1110 in total, just over 2 years. It's only an estimate as to keep it simple I calculated it as 3% every 4 weeks rather than every month - this means that it will overestimate the total by a little bit. I hope this helps.

I'd do you a spreadsheet to look at in googledocs but haven't ever set anything up there and don't have time right now to learn.

I hope you get what you need and that it works out.

I have calculated it to be total repayment of £850.00 over 85 weeks on a reducing balance basis.

Wow! That was quick. Thank you very much both.

@pinksparkly is there a specific formula I should use?

Thanks folks. We got the loan but they asked us to pay £18 to the loan and £2 into savings. So I’m going to up the savings by another £5. This does mean the loan will be paid off in just under a year according to the person I spoke to, so that’s good.