Calculating a monthly repayment

Hello
As you may see from my previous questions I am reading a booklet about loan calculations and not really understanding it.

This is the booklet and I am looking at an example on page 35
http://www.creditunion.ie/files/file_20050316024652OFT%20-%20Credit%20Charges%20and%20APR.pdf

Please could you explain how they calculate a monthly repayment of £206.67

I used this formula here
http://www.wikihow.com/Calculate-a-Loan-Payment
and entered 0.01125 for the montly interest rate and 50 for the number of months and got a loan repayment amount of 196.

Thanks
andiejeAsked:
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nickg5Commented:
If you read the terms you see that no payment is due until three months have passed. You are calculating the payment for 50 months when it is calculated on page 40 over 48 months. That's where the difference lies.

You started August 15, 2000 in the example but the first payment was not due until November 15, 2000.

Their monthly payment calculated is higher because they are using 48 months and you are using 50.

Using months 3 thru 50 you get a total of 48 months.
3-4-5-6-7 etc. to 50 = 48.
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