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Chapter 3: Q. 203 (page 353)

Dominic pays 7%interest on his \(15,000college loan and12% interest on his \)11,000 car loan. What average interest rate does he pay on the total $26,000he owes? (Round your answer to the nearest tenth of a percent.)

Short Answer

Expert verified

Average interest that Dominic needs to pay is 9.1%.

Step by step solution

01

Step 1. Given information.

Consider the given question,

Total amount that Dominic owns is $26,000.

Dominic pays 7%interest on his college loan on $15,000.

So the interest amount he pays in a year for $15,000,

=0.07脳15,000=$1,050

Dominic pays 12%interest on his college loan on $11,000.

So the interest amount he pays in a year for $11,000,

=0.12脳11,000=$1,320

02

Step 2. Find the average interest rate.

Consider the given question,

Total interest amount,

=$1,050+$1,320=$2,370

Therefore, the average rate of interest is given below,

=237026000脳100=9.115%

Rounding the answer to the nearest tenth of a percent, we get,

=9.1%

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