Dominic pays 7% interest on his $16,000 college loan and 12% interest on his $15,000 car loan. What average interest rate does he pay on the total $31,000 he owes? (Round your answer to the nearest tenth

asked Dec 11, 2022 153k views

1 vote

by MFR

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16,000 x .07 = 1,120
15,000 x .12 = 1,800
1,120 + 1,800 = 2,920
31,000/2920 = 10.616
11% interest

Jiayu Zhang answered Dec 18, 2022

7.4k points

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