Is there a way I can calculate a combined interest rate on all my debt? Example - paying mortgage $1500/month at 6%, credit card for $250/month at 20%, credit card for $300/month at 30%, car loan for $350/month at 8%, student loan at $200/month at 7.50% - is there a way to combine all of the debt and figure out what the interest rate is on the combined debt?
2007-07-17 03:28:53 · 5 answers · asked by M1759 2 in Business & Finance ➔ Credit
If you have the balances rather than just the payments you can do it. You can get pretty close fairly easily by just taking a weighted weighted average. To be exactly correct you will need to get the compounding frequency on each piece of debt. To take the weighted average add up all of your balances. Then divide each balance by the total of all of the balances, this will give you the weight of each balance. Once you've done this simply multiply each interest rate by the weight of that respective balance and sum all of them together. It doesn't work with payments because your auto loan is probably on a 36, 48, 60, or 72 month term whereas your student loan is probably on a 120, 180, or 240 month term. You get the idea I'm sure.
2007-07-17 03:45:54 · answer #1 · answered by Mr Chris 4 · 0⤊ 0⤋
I dont know if there is a calculator for this, but you could add up the interest payments in a typical month, divided by the total debt for that month and come up with an average.
2007-07-17 03:34:25 · answer #2 · answered by hirebookkeeper 6 · 0⤊ 0⤋
There are three things here nominal, real, and inflation. The real interest rate = nominal - inflation. That means you need any two out of the three to get the third. Henec you can't just give the 2011 inflation rate and ask what are the other two unless you want an answer like {all #'s so that nominal - real = 11%}
2016-05-20 01:14:08 · answer #3 · answered by ? 3 · 0⤊ 0⤋
#$%%*()!!@&())(_++%@!~!@!##
If you want it only on a month's payments, your statements should show the interest portion for each.
If you total the interest, then divide that by the total of the principal payments only.
If you want the figures for the life of each loan, you need to amortize each one, then total the interest and divide that by the total of the loans.
This would scare the shi* out me to know this. &&)*()(##$
20% & 30 % interest? You need a credit counseler.
As above, you can amortize on Excel if you have the software.
2007-07-17 03:43:52 · answer #4 · answered by ed 7 · 0⤊ 0⤋
Go to: http://www.credit-card-gallery.com/calculator/ and solve your all credit card calculation problems. Credit card calculators are valuable tools to know the figures about your credit cards. Very useful for establishing credit, credit card calculators help you accurately estimate your credit card payments before hand and paying your cards off.
2007-07-18 00:06:41 · answer #5 · answered by alexa dion 3 · 0⤊ 0⤋