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Vlada [557]
1 year ago
8

Dominic pays 7% interest on his $16,000 college loan and 12% interest on his $12,000 car loan. What average interest rate does h

e pay on the total $28,000 he owes? (Round your answer to the nearest tenth of a percent.)
Mathematics
1 answer:
Naya [18.7K]1 year ago
7 0

The average interest rate is 8.57% paid on the total of $28,000

<h3>What is the percentage?</h3>

The percentage is defined as a ratio expressed as a fraction of 100.

Dominic pays 7% interest on his $16,000 college loan,

And 12% interest on his $12,000 car loan

To determine the average interest rate paid on the total $28,000 he owes

Calculating the total interest amount paid :

⇒ 7% of 16,000 +  12% of 12,000

⇒ (7/100)16,000 +  (12/100)12,000

⇒ (0.07)16,000 +  (0.12)12,000

⇒ (0.07)16,000 +  (0.12)12,000

⇒ 960 + 1440

⇒ 2400

So the average interest rate paid on the total of $28,000 as

⇒ 2400/28,000 = 0.0857 ≈ 8.57%

Hence, the average interest rate is 8.57% paid on the total of $28,000

Learn more about the percentage here:

brainly.com/question/24159063

#SPJ1

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