Yes, that's exactly right. I threw together a picture to help explain.
http://i57.photobucket.com/albums/g231/Paylardo/vectors.jpg
1: The vectors as described (forgot to put in the angle, but it's there).
2: The second vector has been broken into its x and y components.
3: Vectors in the same direction are added together. In this case, the two "north" vectors add while the "east" vector does not change.
4: An approximate displacement. Actually, the final vector would point a bit more toward east.
Finally, to get the product of this whole deal (shown in step 4) you need to resolve the vectors in step 3 (notice that you now have another pair of horizontal and vertical components!).
I don't have any more time to help you out, so if you need help getting from step 3 to step 4, look at the link below under
Magnitude and Direction from Components. Take note of the equations near the diagram for magnitude and angle.
http://hyperphysics.phy-astr.gsu.edu/hbase/vect.html