SOLUTION:
The interest rate on an equity line of credit was 7 7/8 % last month. This month the interest rate is 10 3/2%. How many percentage points has the interest rate increased?
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The interest rate on an equity line of credit was 7 7/8 % last month. This month the interest rate is 10 3/2%. How many percentage points has the interest rate increased?
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Question 117804:
The interest rate on an equity line of credit was 7 7/8 % last month. This month the interest rate is 10 3/2%. How many percentage points has the interest rate increased?
Thank you for your help. Answer by checkley71(8403) (Show Source):
You can put this solution on YOUR website! 10 3/2%-7 7/8%=23/2-63/8=(4*23-63)/8=(92-63)/8=29/8=3 5/8% POINTS IS THE INCREASE IN INTEREST RATES.
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