1. Limited time only! Sign up for a free 30min personal tutor trial with Chegg Tutors
    Dismiss Notice
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...