Dismiss Notice
Join Physics Forums Today!
The friendliest, high quality science and math community on the planet! Everyone who loves science is here!

Basic loan rate math

Tags:
  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

    HallsofIvy

    User Avatar
    Staff Emeritus
    Science Advisor

    Yes, that's what I get.
     
Know someone interested in this topic? Share this thread via Reddit, Google+, Twitter, or Facebook




Similar Discussions: Basic loan rate math
  1. Basic Math (Replies: 2)

  2. Basic Math Notation (Replies: 6)

  3. Basic math doubt (Replies: 8)

Loading...