SOLUTION: Kinisha borrowed $2000 from a credit union at 12% annual interest and borrowed $500 from her aunt at 7% annual interest. What single rate of interest on $2500 results in the same t
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Question 1065834: Kinisha borrowed $2000 from a credit union at 12% annual interest and borrowed $500 from her aunt at 7% annual interest. What single rate of interest on $2500 results in the same total amount of interest? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Kinisha borrowed $2000 from a credit union at 12% annual interest and borrowed $500 from her aunt at 7% annual interest. What single rate of interest on $2500 results in the same total amount of interest?
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Interest Amount:: 2000*0.12 + 500*0.07 = $275
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Equation:
Let that interest rate by "x"l
2500*x = 275
x = 0.11 = 11%
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Cheers,
Stan H.
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