Interest rates have dropped steadily over the last six months. Each month they have decreased by 1/4 point.

Question

A. Write an expression to represent the total change of rates over the last six months.
B. Find the total change. Make sure to express your answer as a mixed number in lowest terms.

Answer 1

Interest rate = initial rate - months/4

Since you do not include the initial rate, you will have to do the rest yourself.

Answer 2

Interest rates have dropped steadily over the last six months. Each month they have decreased by 1/4 point A. Write an expression to represent the total change of rates over the last six months. B. Find the total change. Make sure to express your answer as a mixed number in lowest terms.