I have four loans on my home (see numbers and terms below.) I am trying to determine the TRUE APR of the 4 total. I am considering a refinance and need to know if I am saving or losing money by doing so. Please help!
TOTAL OWED
(1) $15,000 APR 7.90%
(2) $15,000 APR 24.24%
(3) $85,202 Int Rate 5.75%
(4)$121,441 Int Rate 9.49%
2007-07-18 11:46:43 · 3 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics
If you just started each of the above loans to be paid off in 30 years the monthly payments would be:
109.020810787613
303.226491668391
497.215745147033
1020.25583031494
Total: 1929.71887791798
Paying off $236643 total in monthly payments of 1929.71887791798 corresponds to an interest rate of between 9.150% and 9.151% annually.
Dan
2007-07-21 10:24:47 · answer #1 · answered by ymail493 5 · 0⤊ 0⤋
Not calculating in up-front fees (because they're already paid) the APR for the latter two loans is pretty close to the interest rate.
A weighted average of your rates would be:
(15 * 7.9) + (15 * 24.24) + (85.202 * 5.75) + (121.441 * 9.49) / (15 + 15 + 85.202 + 121.441)
... which is about 8.978%.
Not sure that's the "true" APR, but I think it should be a fairly good approximation.
2007-07-18 12:04:25 · answer #2 · answered by McFate 7 · 1⤊ 0⤋
you're mixing apples and oranges above. your APR no longer concerns on (a million) and (2) APR consists of the expenses which you have been charged to get those loans. that's now on your stability. What are your expenses of interest on them ? no longer APR. Your mixed value above is 8.ninety six%, even though it is not suitable. the place are you located ??? 7.10% does not sound like a low APR. Are you being presented a "no value" loan ?? If #4 above is a 2d, you'll be extra suited off in simple terms refinancing the 2d.. 36% of your debt is at 5.seventy 5% what's your place worth ? Are you going finished rfile or pronounced ? What length of loan are you being presented ??
2016-12-10 16:09:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋