Checking monthly payment figure from an online calculator
Posted on 2014-01-06
I am looking at this online calculator and I confused where it gets its monthly repayment figure from.
Take 10,000 loan over 24 months with excellent credit (interest rate 2.64) and using flat rate of interest i get a montly repayment of 438.66 by doing this
((10,000 * 0.0264 * 2) + 10, 000 ) / 24
They get a repayment of £441. In fact their figures are always a few pounds higher. Please could you advise how they get a figure this high
Thanks a lot