daredevil096
Registered User
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- 23
hi, i have two loans presently.The first one is with the credit union for 15164.20 @ 12.68% a.p.r. The second is with the bank for 5331.13 @ 9.3% a.p.r. (rate of interest 9%).Originally I thought that putting these into one big loan would be cheaper,quote i got for 20495.33 loan @7.3% = 633.85 p.m x 36mths=22818.60 (total repayable) . However my calculations indicate its cheaper to stay with single loans,these are as follows: Year 1-20495.33+ 7.3%(1496.16)=21991.49-repayments(12 x 633.85=7606.2)=14385.29. I continued this for the 36mths but there was still 794.54 to pay in year 4.I did the exact same type of sums for the single loans,can anyone tell me if im wrong to stay with single loans?