The fast way round is just to take the number of seconds in one minute and divide by the number of rounds per minute. That's if you want it on the basis of one shot. You can round off to .075 seconds which will fool any human either way. Since you want it to loop you will probably never be able to make it just perfect anyway.
If your recording is clear already then you should not have any problem. Don't be afraid to insert silence at both ends of the clip. Very small segments of silence are easier to loop than trying to match up the waveform of a gunshot, especially a machinegun.
Please, don't be tempted to push the bass boost on your guns. If you check you will see that most gun sounds (especially tanks) are over amplified to impress people. Less is more. The default sounds are just right and make a good example to emulate.
One reason sounds do not loop well is because you have to match up the waveforms properly at both ends. If you snip a segment out on the crest of a -6db wave (some editors will refer to it as +6, which it is not) it will not match the valley of -4db. Your editor should have marks for everything from minus infinity (no volume) to positive and negative running back to zero. Some editors, like Audition have marks beyond 0 on into infinity. The "-1" indication is a measure of the work limitation of any audio channel. If you attempt to amplify beyond that mark you may get clipping and distortion (especially during mixes) and that will ruin a good sound byte. I used to use -5db as a good place to limit some sound bytes, but others I push on up to -1.5db. There is no reason to push the envelope, because good sound is better than loud sound by a long shot. You have to watch your input levels and mix output levels to avoid the peaks crossing over into clipping ground also.
Did you record the HB M2, or the AN M2? Because of the firing rate you mentioned I am assuming it is the AN M2. If you try to use the HB M2 to match the AN M2 firing rate then it will never sound right.
If you ever get around to making engine sounds, then check to see if your editor supports selection snaps to zero-crossings. You do not want to insert silence into a looping engine sound, or tank treads. So, when you work on those sounds the zero-crossings are very important.