Posted by Teri on Sunday, March 23, 2008 at 6:18pm.
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  Alex, Sunday, March 23, 2008 at 6:37pm
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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