Calculate Average Interest Rates with this Free Average Interest Rate Calculator for Windows. Enter the balance and interest rate of your loans. Knowing the average interest rate of loans helps determine when consolidation may be a good idea.

Pros: This application takes in all the currently outstanding loans, their interest rates and calculates an average interest rate that when applied to the total loan principal will result in the same total interest payment. The interface is a simple table with three columns where the outstanding amount of each loan and the applicable annual interest rates are entered. Loan descriptions are entered on the first column.

The package calculates the average interest rate and the total outstanding dues separately. The average interest rate is a good indicator if most of the loans have high rates. One way of beating the outgo down is to consolidate the smaller loans into a bigger one with a lower interest rate so that total outgo comes down.

Cons: The value add is not all that much for this application. There is nothing in the functionality that cannot be calculated on a standard spreadsheet like the excel and few calculation formula to be set up in less than five minutes.

Overall: Considering the value add and too narrow a focus of the package, this item is rated at 2 stars.