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Chapter 2: Q. 561 (page 218)

Enrique borrowed \(23,500 to buy a car. He pays his uncle 2% interest on the \)4,500 he 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

The average interest rate does he pay on the total $23,500 is 9.7 % .

Step by step solution

01

Step 1. Given Information.

Amount borrowed = $23,500 .

2% interest on the $4,500 .

11.5% interest on the $19000 .

02

Step 2. System of equation.

Let the average rate be r .

4500脳2100+19000脳11.5100=23500脳r100

03

Step 3. Solve the equation .

Solve for r , we get:-

4500脳2100+19000脳11.5100=23500脳r10090+2185=235r2275=235rr=9.68r=9.7

Therefore, The average rate is 9.7% .

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