£1,000 loan payable over 6 months at £248* per month |
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Annual Rate of interest 98% (fixed, applied on an annual basis) |
Representative APR 323.4% |
Total amount of credit is £1000 | Duration of agreement is 6 months |
Amount of each repayment is £248 | Total amount payable is £1490* |
Total charge for credit is £490* |
Amount of each repayment: | |
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1st repayment: £248 | 4th repayment: £248 |
2nd repayment: £248 | 5th repayment: £248 |
3rd repayment: £248 | 6th repayment: £248 |