Finding the equivalent interest rate for multiple loans with weighted average

[KingNothing]

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.

 

[HallsofIvy]

Yes, that's what I get.