Dominic pays 9% interest on his $22000 college loan and 11% interest on his $16000 car loan. What average interest rate does he pay on the total
$38000 he owes? Round your answer to the nearest tenth of a percent.
2 answers
Elvi/la -- please use the same name for your posts.
Find the interest he pays on his 9% loan
Find the interest he pays on the 11% loan
Add them up for a total of T
avg rate = T/(22000 + 16000) * 100%
Find the interest he pays on the 11% loan
Add them up for a total of T
avg rate = T/(22000 + 16000) * 100%
1 answer