Tim currently owes $37,500 to a private lender. The rate of interest on this debt is 8%.

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Tim currently owes $37,500 to a private lender. The rate of interest on this debt is 8%. If he borrows an additional $20,000 at a rate of 7% from the same lender, what average rate of interest is Tim paying on his accumulated debt?

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Fundamentals Of Business Mathematics In Canada

ISBN: 9781259370151

3rd Edition

Authors: F. Ernest Jerome, Jackie Shemko

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Question Posted: Oct 12, 2020 12:42 AM

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Tim currently owes $37,500 to a private lender. The rate of interest on this debt is 8%.

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Fundamentals Of Business Mathematics In Canada

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