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Math

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The interest rate on a second mortgage was 8 3/4%last month. This month the interest rate is 11 1/8%. How many percentage points has the interest rate increased?

  • Math -

    Set up an equation.

    8 3/4 + x = 11 1/8

    Isolate the variable...

    x= 11 1/8 - 8 3/4

    Find a common denominator (in this case, 8.) You can also, as I'm going to do, convert the mixed numbers into improper fractions.

    x= 89/8 - 38/8

    Now solve that, convert it back to a mixed number, and there you have it.

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