document.write( "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.) \n" ); document.write( "

Algebra.Com's Answer #450085 by rfer(16322) $\"\"$ $\"About$

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550*0.09=49.50
\n" ); document.write( "300*0.15=45
\n" ); document.write( "total=94.50
\n" ); document.write( "94.50/850=0.111=11.1% \n" ); document.write( "

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