For instance if credit card A has an interest rate of 12% and the balance is $7000, cc B has a rate of 9% and the balance is $1300, cc C has a rate of 16% and the balance is $3000,...........................
What is the average interest rate?
A website that explains how to calculate it would be helpful also.|||I think you're looking for more of a weighted average:
7000 X 12% = 840
1300 X 9% = 117
Add the 7000 and 1300 = 8300
Add the 840 and 117 = 957
Divide the 957 by the 8300
your average weighted interest is 11.53%|||Add the five rates together such as .12 .09 .18 .165 .22 etc and then divide by 5
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