Balloon payments calculator ?
28 October 2003, 10:27 AM
#1
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Does anyone have a method for working out balloon payments on finance agreements.
I know these agreements are dependant on the car & residuals etc etc - but anyone got a rough calculation guide ie : 50k car, 25k Balloon = x monthly payments etc. based on average rates etc etc etc.
Ta
J
I know these agreements are dependant on the car & residuals etc etc - but anyone got a rough calculation guide ie : 50k car, 25k Balloon = x monthly payments etc. based on average rates etc etc etc.
Ta
J
28 October 2003, 11:17 AM
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If its a £50k car I'd have done the sums like this.
Purchase Price = £50k
Deposit (min 10%)= £5k
Amount to finance = £45k
Interest on £45k over 3 years = £6750 (5% flat, Approx 10%APR)
Balloon = £25k
Therefore you pay back £20k + £6750 interest over 36 months = £26750/36 = £743pm
Or over 5 years the interest = £11250, so the repayments with a £25k balloon are £521pm.
The above are only rough figures but you get the idea.
Purchase Price = £50k
Deposit (min 10%)= £5k
Amount to finance = £45k
Interest on £45k over 3 years = £6750 (5% flat, Approx 10%APR)
Balloon = £25k
Therefore you pay back £20k + £6750 interest over 36 months = £26750/36 = £743pm
Or over 5 years the interest = £11250, so the repayments with a £25k balloon are £521pm.
The above are only rough figures but you get the idea.
28 October 2003, 11:31 AM
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