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Chapter 3: Q. 390 (page 407)

Enrique borrowed \(23,500to buy a car. He pays his uncle 2%interest on the \)4,500he borrowed from him, and he pays the bank 11.5%interest on the rest. What average interest rate does he pay on the total $23,500?(Round your answer to the nearest tenth of a percent.)

Short Answer

Expert verified

Enrique has to pay average interest of$2275.

Step by step solution

01

Step 1. Given Information   

The cost of a car is $23500and he pays his uncle 2%interest on $4500he borrowed from him and he pays the bank11.5%interest on the rest. We have to find the average interest rate he pay on the total$23500.

02

Step 2. Translate into an equation

Let xbe average interest.

Now, he pays 2%interest to his uncle on the $4500he borrowed from him so, 4500脳2100.

Then he pays the bank 11.5%interest on the rest so, role="math" 23500-4500脳11.5100.

So, the equation is

role="math" localid="1647263650133" x=4500脳2100+19000脳11.5100

03

Step 3. Solve the equation 

By proceeding with the equation we get,

x=4500脳2100+19000脳11.5100x=90+2185x=2275

So, Enrique has to pay the average interest of$2275.

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