in December 2018, I'll be at the end of my PCP agreement for my current car and I'm weighing up my options. I've never really paid attention to the details about my previous finance agreements - I just knew I needed a car that wouldn't break down and signed the dotted line.
I was wondering if, given the information I know about my current agreement, if it's possible to calculate the interest I'm due over the duration of my PCP deal?
I've been trying to get do it on Google Sheets for a few days and although I get close, I can't quite match the figure I was given by the finance company. Even when I phoned the finance company for a breakdown, they told me I shout get a financial advisor.
If I use my real life figures as an example, I feel as if I should be able to calculate amount of interest I've been quoted to pay back but I can't - surely it's a science and they don't just pluck numbers out the air? :D
Car Price: £14,299
Credit Required: £13,599
Interest Rate: 3.5%
Total Interest: £2,579.44
First Payment: £276.53 (includes £40 "Credit Facility Fee")
47 payments of: £236.53
Final Payment (GFMV): £4,825
Completion Fee: £299
I just can't figure out how, given the information above, the total interest is £2,579.44 and I'm worried it's been miscalculated?
Absolutely any information would be much appreciated, my finance company have been useless and I'm struggling to wrap my head around this.