Interest rates have dropped steadily over the last six months. Each month they have decreased by 1/4 point.
A. Write an expression to represent the total change of rates over the last six months.
B. Find the total change. Make sure to express your answer as a mixed number in lowest terms.
Interest rates have dropped steadily over the last six months. Each month they have decreased by 1/4 point A. Write an expression to represent the total change of rates over the last six months. B. Find the total change. Make sure to express your answer as a mixed number in lowest terms.
A. To represent the total change of rates over the last six months, we need to sum up the decrease in interest rates for each month. Since each month the rates have decreased by 1/4 point, we can write the expression as follows:
Total change = (1/4) + (1/4) + (1/4) + (1/4) + (1/4) + (1/4)
B. To find the total change, we can simply evaluate the expression:
Total change = 1/4 + 1/4 + 1/4 + 1/4 + 1/4 + 1/4
= 6/4
= 1 2/4
We can simplify the mixed number by dividing the numerator (6) by the denominator (4) and expressing any remainder as a fraction:
Total change = 6 รท 4 = 1 remainder 2
= 1 2/4
Since 2/4 can be simplified further (both numerator and denominator are divisible by 2), we get:
Total change = 1 2/4 = 1 1/2
Therefore, the total change in interest rates over the last six months is 1 1/2.
Interest rate = initial rate - months/4
Since you do not include the initial rate, you will have to do the rest yourself.