If I have one loan for 5 % and one Loan for 7 %. Am I paying 12 % for this money?

Answer 1

Suppose you have 2 loans as under:

1. $50,000 for 5%
2. $50,000 for 7%

In this case, you would be paying 6% for $100000

Another Example for different amounts:

1. $35000 for 5%
2. $27000 for 7%

Now, You just calculate 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 in this 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%

Answer 2

No. You're paying 5% for part of the money and 7% for part of it.

If you're trying to add it all together, you need have to divide by 2 to get an average -- of course, that would only be if both loans were the same amount. If they are different amounts, you'd have to do some more calculations and my math skills ain't good enough to tell you how.

Answer 3

no if the two loans were of equal amounts you would be paying 6%!!!

Answer 4

if this is a 1st and second 80/20 the blended rate is 5.4%

Answer 5

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