can somebody help me out on this APR% stuff

[tryme]

If I buy something for £77.89 and I pay in 3 months time with Typical 27.9% APR (variable) what does that actually mean? How much would I end up paying?

 

[chipedwood]

£21.73131 + £77.89 if it was for 1 year

so 21.73131/12 = 1.8109425 per month

1.8109425 * 3 = 5.4328275

5.4328275 + 77.89 = 83.3228275

So £83.33

If my maths serves me right lol

 

[tryme]

hmm not to bad I guess?

 

[chipedwood]

Not really, if your making payments on it over the 3 months it will probably be slightly less too.

 

[tse_adam]

you wanna go through finance on £77?

 

[tryme]

Well whats the big deal? I don't want to wait for the item lol.

 

[Retepetsir]

That's one hell of an APR, I'd avoid if possible.

 

[tse_adam]

Well whats the big deal? I don't want to wait for the item lol.

The problem is you haven't got the money

Honest advice bud, you might as well wait until you have the cash to pay off the whole thing then to pay those extortionate interest rate. I mean I understand people getting a finance on a car or a mortgage on a house, but a £77 item? :doh:

 

[tryme]

you know how it is in this world when we want everything right now! nah seriously though, I will wait a couple weeks.

So £83.33 is that correct?

Ok so I went to argos and they said if you meet the dead line each month then they don't charge you the 29& apr stuff and you pay off over a 3 month period so I done that. couldn't help me self so sod it. It's in the car now all set up and working great. Got the ipod hooked up to it as well and my new parcel shelf with speakers should be here some time next week so can't complain.

 

[joesouthgate]

Just get a tesco credit card, 12months 0%APR so as long as you are sensible it won't cost a penny.

 

[tryme]

yeah i mean as long as you can keep up with it your all good!