I’m looking to buy a phone for £700 and it says
* **19.9% APR Representative**
Is this money i have to add onto the 700 quid to give to the company? I’m trying to pay it off over the course of 12-24 months.
**Representative example**
You could borrow **£699.00** over **24** **months** with 24 monthly repayments of **£34.99**. The total amount repayable will be **£839.76**.
Idk what this means (i’m a teenager if it wasn’t clear), like why am i borrowing?
Any help is appreciated.
In: 2
It’s the interest rate you pay annually by paying for the phone over time. So if you’re buying a £699.00 phone, you’ll also be paying £140.76 in interest charges for the ability to pay it back over time in monthly installments.
If you don’t want to pay the interest, then you could pay the full amount up front and avoid the interest.
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