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Basic loan rate math

  1. Aug 12, 2011 #1
    Hi guys, it's 3 AM so don't judge me. I'm doing some accounting work with my student loans and I want you to confirm something for me:

    If I have two loans:
    $1,598 @ 6.8% F-APR
    $6,680 @ 3.8% F-APR

    Then the 'equivalent' single loan would be:
    $8,278 @ 4.38% F-APR

    Correct? I used a weighted average of the interest rates, using the principal amount as the weight.
  2. jcsd
  3. Aug 12, 2011 #2


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    Science Advisor

    Yes, that's what I get.
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