If I hold one loan for 5 % and one Loan for 7 %. Am I paying 12 % for this money?
Answers:
Suppose you hold 2 loans as lower than:
1. $50,000 for 5%
2. $50,000 for 7%
In this skin, you would be paying 6% for $100000
Another Example for different amounts:
1. $35000 for 5%
2. $27000 for 7%
Now, You in recent times figure the total interest on both the loans and work out the percentage of the sum of these interest on the Sum of both loans.
In our example above the total interest would be:
$1750+$1890=$3640
and the total loan amount is $62000
So here overnight case you are paying $3640 interest on your total loan amount of $62000. In other words you are paying
5.8709677419354838709%
or Approximately 5.9%
No. You're paying 5% for part of the pack of the money and 7% for cut of it.
If you're trying to make a payment it adjectives together, you stipulation own to divide by 2 to receive an average -- logically, that would singular be if both loans be duplicate amount. If they are different amounts, you'd enjoy to do some more calculation and my math skills ain't dutiful ample to describe you how.
if this is a 1st and second 80/20 the blended rate is 5.4%
no if the two loans be of equal amounts you would be paying 6%!
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