If I Borrowed The Sum Of

[impact5]

£1000 at a rate of 423.20% how much would i have to pay back after 4 months

[Jonathan-Joe]

Do you mean 423.20% per annum or 423.20% for the 4 months?

[factor-fiction]

This site says :
http://www.thisismoney.co.uk/money/cardsloans/article-1633405/Loan-repayment-calculator.html

[factor-fiction]

It depends whether the interest rate is an APR.

[Old_Geezer]

Would that be 423.2% per year, per hour, per four month period ? APR ?

As a rough guide 423.2% of £1k = £4,232

[Old_Geezer]

Ha: there were no answers when I started typing :-(

[impact5]

A P R

[Old_Geezer]

£1,011.51 of interest plus the £1,000 loan.

http://money.guardian.co.uk/calculator/form/0,,603119,00.html

[Gizmonster]

Would you be making any monthly payments, or would you be borrowing £1k, then paying it all back in full after 4 months ??

[DTCwordfan]

A visit to the CAB for debt advice and possible bankruptcy is the answer,

[Peter Pedant]

well the answers are all there:

The interest is £4232 and a quarter is £1011
so you would have to pay back £2011 after four months

actually the obvious mistake is: 4 mo is a third of a year.
but it gives you some idea about what 400% interest means

I think Wonga is something like 2378%