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if you borrow $500 from a credit union at 12% annual interest and $250 from a bank at 18% annual interest, what is the effective annual interest rate (that is, what single rate of interest on $750 would result in the same total amount of interest)?
a. 10%
b. 12%
c. 14%
d. 15%

Respuesta :

Answer:

14% that is option c is correct.

Step-by-step explanation:

We have been given that $500 from a credit union at 12% annual interest and $250 from a bank at 18% annual interest

That means  we will get

[tex]500\cdot 0.12+250\cdot 0.18=105[/tex]

Since, we need to find the single rate of interest on 750

So, the required rate of interest will be:

[tex]\frac{105}{750}=0.14[/tex]

That is 14%

Therefore, option c is correct

Answer:

C. 14 % i got the correct answer

Step-by-step explanation:

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