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? Can someone help me please?
9.375% - 7.625% = 1.750 % = 1 3/4 %
To calculate the increase in the interest rate, you need to subtract the previous interest rate from the current interest rate. In this case, the previous interest rate was 7 and 5/8 % or 7.625%, and the current interest rate is 9 and 3/8 % or 9.375%.
To perform the subtraction, convert the fractions to decimal format. 5/8 is equal to 0.625, and 3/8 is equal to 0.375. Then subtract the previous interest rate from the current interest rate:
9.375% - 7.625% = 1.750%
This equals 1.750%, which can also be written as 1 3/4 %. Therefore, the interest rate has increased by 1 3/4 %.