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
You’re borrowing because you’re paying for the phone in monthly payments instead of all at once. Effectively, you’re borrowing the cost of the phone and they’re charging interest on the amount you’ve borrowed.
If you have the means to buy the phone outright (or buy a cheaper model) you won’t be borrowing anything and you won’t have to pay interest
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