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How to calculate the average interest rate on multiple loans,car finance offers india,lendingtree auto loan rates - For Begninners

Author: admin | Category: Lease Car Calculator | Date: 09.11.2014

Help you to see the weighted-average annual percentage rate you are paying on all of your card balances combined. This free online Credit Card Interest Rate Calculator will calculate the weighted average APR for all of your credit cards that have a current balance.
Unlike most credit card interest calculators, this calculator will calculate the current finance charge for each card, and then compute the credit card average APR using a weighted formula.
A weighted average takes into consideration how much each card's finance charges represents of the whole -- giving more weight to the interest rates of cards with higher balances.
If you use the common method of calculating the average APR (known as the "mean" average), you would simply add the two rates together and divide by two, giving you an average APR of 15% (18% + 12% = 30% ÷ 2 = 15%). The reason the actual average is higher than 15% is because the card with the higher balance has more influence (weight) on the average than the card with the lower balance. Now that you understand what "weighted average" means, you should now have a clear idea of how to prioritize your efforts to get your interest rates lowered.
With that, let's use the following credit card interest rate calculator to calculate the credit card average APR for all of your cards that have balances on them.
Instructions: For each credit card you have, enter the name, current balance, and annual interest rate, then click the "Calculate Credit Card Average APR" button.
A, please tell me what I would need to do to the calculator to get an A.If the calculator didn\'t work at all, please try downloading the latest version of Google Chrome or Firefox.
All calculators have been tested to work with the latest Chrome, Firefox, and Safari web browsers (all are free to download).


If you gave it an "A", what did you like most about it, or how did it help you?-OR-If less than "A", what change(s) would earn the calculator a higher grade? Current Month Interest Cost calculated column: Based on your balance and interest rate, this column will show the calculated finance charge for the current month for each entered card. Credit card average APR: This is the weighted average APR of all of your entered credit cards. Monthly cost per 1% of average APR: This is how much each 1% of the weighted average apr is costing you.
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However, if you calculate the actual finance charge for the two cards, you will see that the numbers don't add up.
More in-depth explanations can be found in the glossary of terms located beneath the Credit Card Interest Rate Calculator. If you have more than fifteen cards, I suggest you combine cards that have similar interest rates.
If a certain card has more than one interest rate (1 for purchases and 1 for cash advances), enter the balances and rates on two separate lines.
Note that the total listed in Interest Rate % column is the mean average of the entered rates. In other words, for each 1% you are able to lower your average APR, this is how much you will save each month if the balances stay the same.
Most card companies charge interest based on the average daily balance and daily compounding. So as not to overstate finance charges, the credit card interest rate calculator simply uses the current balance and monthly compounding to calculate finance charges.



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