SOLUTION: If you borrow $550 from a credit union at 9% annual interest and $300 from a bank at 15% annual interest, what is the effective annual interest rate (that is, what single rate of i

SOLUTION: If you borrow $550 from a credit union at 9% annual interest and $300 from a bank at 15% annual interest, what is the effective annual interest rate (that is, what single rate of i

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Question 736967: If you borrow $550 from a credit union at 9% annual interest and $300 from a bank at 15% annual interest, what is the effective annual interest rate (that is, what single rate of interest on $850 would result in the same total amount of interest)? (Round your answer to one decimal place.)
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
550*0.09=49.50
300*0.15=45
total=94.50
94.50/850=0.111=11.1%
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