Question

Enrique borrowed $23,500 to buy a car he pays his uncle 2% interest on the $4,500 he brought from him and he pays the bank 11.5% interest on the rest wherever interest rate does he pay the toll 23,500

Answer 1

Total borrowed: $23,500

$4,500 borrowed from his uncle: (2% interest)

Amount of interest paid to his uncle:

4,500 x 2/100 = $90

Amount borrowed from the bank: $23,500-$4,500 = $19,000

(11.5% interest)

Amount of interest paid to the bank:

19,000 x (11.5 /100) = 19,000 x 0.115 = $2,185

Total amount of interest:

23,500 (x/100) = 235 x

235x = 90+2185

Solve for x

235x = 2,275

x= 2,275/235 = 9.7

9.7 %