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OliverOSX93
Oct 9, 2010, 02:07 PM
I want to get a macbook but the only way it seems I can afford it is with the pay weekly finance option.

how long will it take to pay off the cost of the macbook and how much extra will I end up paying?



GGJstudios
Oct 9, 2010, 02:08 PM
That completely depends on the amount financed, interest rate and payment amounts.

http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx

OliverOSX93
Oct 9, 2010, 02:16 PM
That completely depends on the amount financed, interest rate and payment amounts.

http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx

I was thinking of the base model (849) I'm not sure about interest rate and I think payment amounts would be roughly 30 a week

GGJstudios
Oct 9, 2010, 02:17 PM
I was thinking of the base model (849) I'm not sure about interest rate and I think payment amounts would be roughly 30 a week

That's still not enough information. Do you know how financing works?

OliverOSX93
Oct 9, 2010, 02:22 PM
That's still not enough information. Do you know how financing works?

Honestly it's my first time doing anything with financing. I'll have to ask my gran about it tommorow since she's good with things like this. :o

robbieduncan
Oct 9, 2010, 02:24 PM
Assuming you're looking at the Apple financing on the UK store it says

"36 months at 14.9% interest
Typical 14.9% APR"

Note that's typical: not everyone get's that rate. If you are a poor credit risk then you will pay more than that.

This seems to jibe with you're 30 a month thing as the example they give is "Finance agreement of 1000, 36 monthly repayments at 34.14". This example assumes their 14.9% typical APR. Over the 3 years this equates you you paying a total of 22.9% more than the purchase price. So on a 849 MacBook you'd actually pay 1043.42.

OliverOSX93
Oct 9, 2010, 02:27 PM
Assuming you're looking at the Apple financing on the UK store it says

"36 months at 14.9% interest
Typical 14.9% APR"

Note that's typical: not everyone get's that rate. If you are a poor credit risk then you will pay more than that.

This seems to jibe with you're 30 a month thing as the example they give is "Finance agreement of 1000, 36 monthly repayments at 34.14". This example assumes their 14.9% typical APR. Over the 3 years this equates you you paying a total of 22.9% more than the purchase price. So on a 849 MacBook you'd actually pay 1043.42.


ah I understand, thanks for that:)

AAPLaday
Oct 9, 2010, 02:35 PM
If you want my advice i would save up and buy it as opposed to getting credit. Not that there is anything wrong with credit pre se but unless you fully understand how it works and what happens if you miss a payment then i would avoid.

That same MacBook can be had off amazon for about 779 pounds. Thats 71 pounds saving straight away, and nearly 300 if you took the finance option.

OliverOSX93
Oct 9, 2010, 02:45 PM
If you want my advice i would save up and buy it as opposed to getting credit. Not that there is anything wrong with credit pre se but unless you fully understand how it works and what happens if you miss a payment then i would avoid.

That same MacBook can be had off amazon for about 779 pounds. Thats 71 pounds saving straight away, and nearly 300 if you took the finance option.

my gran is offering to get it me on finance I was just wondering how much more it would be in the long run.

(also I probably should have mentioned it was my gran and not me paying, sorry about that I wrote "me" out of habbit)