What's the actual percentage rate paid on same card with two balances?

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If I'm paying 2.99% interest on $5000 and 13.75% on $1500, what is my actual (effective) rate on the entire amount?

2007-01-22 04:39:18 · 2 answers · asked by BigRez 6 in Business & Finance ➔ Personal Finance

(0.0299/365) * 5000 = $0.410 per day
(0.1375/365) * 1500 = $0.565 per day
($0.975 / 6500) * 365 = 0.05475 or roughly 5.48% rate

2007-01-22 04:51:22 · answer #1 · answered by Nate 3 · 0⤊ 0⤋

Alot, I would consolidate them. Any bank is usually willing to do this. You are paying about 17 percent. Too much.

2007-01-22 12:45:55 · answer #2 · answered by ruth4526 7 · 0⤊ 2⤋