Math

posted by .

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.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. help

    The interest rate on a second mortgage was5 7/8 % last month. This month the interest rate is 7 3/2 %. How many percentage points has the interest rate increased?
  2. math

    The interest rate on an equity line of credit was 7 and 5/8 % last month. This month the interest rate is 9 and 3/8 %. How many percentage points has the interest rate increased?
  3. math review question

    The interest rate on an equity line of credit was 6 3/4 % last year. This year the interest rate is 9 1/2 %. How many percentage points has the interest rate increased?
  4. Math

    The interest rate on a second mortgage was % last year. This year the interest rate is %. How many percentage points has the interest rate increased?
  5. Math

    if the interest rate on a home mortgage is 9%, then each month you pay 0.75% of the unpaid balance in interest. if the unpaid balance on one such loan is $60,000 at the beginning of a month, how much interest must be paid that month?
  6. math

    You want to explain to your friend that your bank’s interest rate has gone down from 1.2% to 0.3%. Which sentence below has the correct meaning?
  7. Math

    Interest is a concept familiar to most people: every credit card in existence has a term called annual percentage rate (APR), which is an interest rate. Suppose you charged $1,000 to a credit card that has a minimum payment each month …
  8. Math

    Are these correct ?. My grade counts on this and I'm not the best at math. I. Interest is ____?
  9. math

    Your parents are buying a house for $187,500. They have a good credit rating, are making a 20% down payment, and expect to pay $1,575/month. The interest rate for the mortgage is 4.65%. What must their realized income be before each …
  10. Math

    Interest is a concept familiar to most people: every credit card in existence has a term called annual percentage rate (APR), which is an interest rate. Suppose you charged $1,000 to a credit card that has a minimum payment each month …

More Similar Questions