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calulating annual interest on combined loans

lunacyfoundme · 2009-07-20 11:03:39

Hey guys I have a query that'll tax your brains. First correct answer wins the prize of being smug for the rest of the day. I need to calculate the amount of interest paid on different loans where the principles have been combined. For example say I'm calculating the amount of interest paid on combined loans for 2007. In…

20-07-2009 11:03am

#1

lunacyfoundme

Registered Users, Registered Users 2 Posts: 462 ✭✭

Join Date: October 2003

Posts: 310

Hey guys I have a query that'll tax your brains. First correct answer wins the prize of being smug for the rest of the day.

I need to calculate the amount of interest paid on different loans where the principles have been combined.

For example say I'm calculating the amount of interest paid on combined loans for 2007.

In November 2006 I got a car loan for €1500. Then in March 2007 I got a holiday loan for €1000 ON TOP of the existing balance of €1150 (still unpaid from the previous loan). Then in October 2007 I got a Home Improvement loan of €5000 ON TOP of the existing balance of €1600 (unpaid from the two previous loans).

Is there any formula for accurately calculating how much interest was paid per loan in 2007 given the amount of interest paid on all loans in 2007 or is it a case of best guess.

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