Asked by Teri
The interest rate on a second mortgage was 8 3/4%last month. This month the interest rate is 11 1/8%. How many percentage points has the interest rate increased?
Answers
Answered by
Alex
Set up an equation.
8 3/4 + x = 11 1/8
Isolate the variable...
x= 11 1/8 - 8 3/4
Find a common denominator (in this case, 8.) You can also, as I'm going to do, convert the mixed numbers into improper fractions.
x= 89/8 - 38/8
Now solve that, convert it back to a mixed number, and there you have it.
8 3/4 + x = 11 1/8
Isolate the variable...
x= 11 1/8 - 8 3/4
Find a common denominator (in this case, 8.) You can also, as I'm going to do, convert the mixed numbers into improper fractions.
x= 89/8 - 38/8
Now solve that, convert it back to a mixed number, and there you have it.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.