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The interest rate on a car loan has decreased 29.3% over the last 10 years and is now 7.7%. What was the rate 10 years ago? (Express your answer rounded correctly to the nearest tenth of a percent!)
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The interest rate on a car loan has decreased 29.3% over the last 10 years and is now 7.7%. What was the rate 10 years ago?

(Express your answer rounded correctly to the nearest tenth of a percent!)

User Nawrez
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A decrease of 29.3% means 100-29.3=70.7% reduction factor. Therefore we need 0.707 of 7.7%=5.4% approx.
User Tanuj
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