Personal Loan Question

[Sinbad]

That 31% is the killer.
In the first year of paying off the loan, you pay
R3,892.78 of interest
R3,331.41 of capital

 

[DrewChan]

Paid off 3 store cards and bastard loan, bye bonus but at least I am debt free

 

[Rkootknir]

36 Months

It says I still owe 11800.

Off of R13000

After paying R9000

Fuuuuuuuu

I've done a quick amortisation calc in the linked spreadsheet:

http://s000.tinyupload.com/?file_id=55358773936539746387

Seems reasonably close to what you posted above. Doesn't look like a 36 month loan though. Based on payments of R602 p.m. and additional expenses of R124 p.m. there will still be a outstanding balance of around R6k after 36 months.