Question

Dominic pays 7% interest on his $16,000 college loan and 12% interest on his $15,000 car loan. What average interest rate does he pay on the total $31,000 he owes? (Round your answer to the nearest tenth of a percent.)​

Answer 1

16,000 x .07 = 1,120
15,000 x .12 = 1,800
1,120 + 1,800 = 2,920
31,000/2920 = 10.616
11% interest