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Weighted average interest rate

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You have student loans with a total balance of $50,000, a car loan with balance of $15,000, and a mortgage with a balance of $175,000. the respective interest rates on the loans are 5%, 8% and 3.5%. Find the correct weighted average of your interest rates. Assume you make annual interest payments. show that the total interest paid this year is reflected in the weighted average interest rate.

Reference no: EM131189933

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