Hi guys I would like your opinion on the following. I have compiled the following on Flybe's payment schedule for repayment of the loan for FTE at £82,700.00. The following has been compiled using the data from the BBVA bank for repayments along with a base rate of 6.75%. I am particularly interested to see how those who have been through a similar process have survived along with meeting the repayments.
Cheers docash1983
LOAN Repayments On: £82,700.00
Monthly repayment £1,180.49 @ 12 months = 14165.88 leaves £68534.12 plus interest = £74116.37 (example)
Year : 1
Annual Salary:£25068
Monthly Repayment: £1180.49
Interest per year at 6.75 %: £5582.25
Amount paid off over the Year: £14165.88
Amount Outstanding Including Interest : £74116.37
Year : 2
Annual Salary: £27950
Monthly Repayment: £1180.49
Interest per year at 6.75 %: £5002.85
Amount paid off over the Year: £14165.88
Amount Outstanding Including Interest : £64953.35
Year : 3
Annual Salary: £29677
Monthly Repayment: £1180.49
Interest per year at 6.75 %: £4384.35
Amount paid off over the Year: £14165.88
Amount Outstanding Including Interest : £55171.82
Year : 4
Annual Salary: £31405
Monthly Repayment: £1300.50
Interest per year at 6.75 %: £3724.09
Amount paid off over the Year: £15606.00
Amount Outstanding Including Interest : £43290.01
Year : 5
Annual Salary: £31977
Monthly Repayment: £1300.50
Interest per year at 6.75 %: £2705.62
Amount paid off over the Year: £15606.00
Amount Outstanding Including Interest : £30389.63
Year : 6
Annual Salary: £32549
Monthly Repayment: £1300.50
Interest per year at 6.75 %: £2051.30
Amount paid off over the Year: £15606.00
Amount Outstanding Including Interest : £16834.94
Year : 7
Annual Salary: £33121
Monthly Repayment: £1300.50
Interest per year at 6.75 %: £1136.35
Amount paid off over the Year: £15606.00
Amount Outstanding Including Interest : £2365.00
Year : 8
Annual Salary: £33693
Monthly Repayment: £1300.50
Interest per year at 6.75 %: £159.63
Amount paid off over the Year: £15606.00
Amount Outstanding Including Interest : £0 REPAYMENTS MET