Register

If you borrow $500 from a credit union at 8% annual interest and $250 from a bank at 10% annual interest, what is the effective annual interest rate (that is, what single rate o…

If you borrow $500 from a credit union at 8% annual interest and $250 from a bank at 10% annual interest, what is the effective annual interest rate (that is, what single rate o…
asked 143k views
2 votes
If you borrow $500 from a credit union at 8% annual interest and $250 from a bank at 10% annual interest, what is the effective annual interest rate (that is, what single rate of interest on $750 would result in the same total amount of interest)?

asked
User Takasu
by
8.7k points

1 Answer

6 votes
The effective annual interest rate would be 9.17%.
answered
User Yonatan Simson
by
8.1k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

Who was Adam Smith ? Anybody?
What can turn igneous rock into sediment?
What is meant by data mining ?
Link Copied!