Loan accounts

I see there are both an APR and an interest rate but I don't know why. I 
expect this is what led to the confusion -
perhaps the APR, whatever that is, is the figure to use in calculations, 
not the interest rate. Moneydance's loan
calculator probably applies to a particular type of loan extant in the USA.

I had paid lump sums during the period of the loan as well as monthly 
payments. I have paid off the loan now.
I did not understand the terms "points" and "rates". I see in the loan 
calculator a space for APR, but none
for interest rate. It may be that "Amount borrowed" is the total charge 
for credit rather than the amount of credit.

For what it is worth, the figures were:

Total cash price £11,445
Deposit £1,145
Total charge for credit £11,941.20
comprising interest £ 11,871 and document fee £70.
Interest rate was 14.4% p.a.
There were to be 96 monthly payments of £230.95.
Interest was calculated in advance on what would be the daily 
outstanding balance
of the amount of credit (£10,300) on the assumption that I kept up the 
payments.
APR was 25% FWIW.
I paid two lump sums during the course of the loan, £4,000 and £3,000. 
The timings
of these would presumably affect the final settlement figure.
I made twelve monthy payments in the event before settling with a sum of 
£2377.16 which
included a settlement fee of 30 days interest.

Regards

_John Sampson_



On 14/10/2011 19:50, Edward A. Melia, C.P.A./Attorney wrote:
> Yes, you are correct.  I saw 800 pounds in John Sampson's email and 
> jumped to the conclusion (incorrectly) that he also used the term 
> fortnightly.  Careless of me not to have checked the postings.  
> Looking back over the emails, I did not see any details regarding John 
> Sampson's problem other than an 800 pounds difference.

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