SOLUTION: If you borrow $500 from a credit union at 10% annual interest and $300 from a bank at 15% annual interest, what is the effective annual interest rate (that is, what single rate of

SOLUTION: If you borrow $500 from a credit union at 10% annual interest and $300 from a bank at 15% annual interest, what is the effective annual interest rate (that is, what single rate of

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Question 962288: If you borrow $500 from a credit union at 10% 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 $800 would result in the same total amount of interest)
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
500 * .10 + 300 * .15 = 50 + 45 = 95.

95/800 = .11875

.11875 = 11.875%

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