Any maths wizzes on here? Trying to figure out a percentage rate.?

  • Thread starter Thread starter ALICIA B
  • Start date Start date
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ALICIA B

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Ok here goes, I'm trying to figure out how much I have paid off my credit card. I put £1511 on it. £500 was cash which is charged at 1.86% mpr and the rest was credit which is charged at 1.52% so I figured that 30.2% of the loan is 1.86% and 69.8% is 1.52% so how do I fugure out the average interest rate? Thanks in advance for any answers.
 
Interest on £500 = 500*.0186 = £9.30
Interest on £1011 (remaining balance) = 1011*.0152 = £15.3672
Total interest = £9.30 + £15.3672 = £24.6672
As a percentage = 24.6672/1511*100 = 1.6325%
 
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