actual rate?
The actual rate of the mortgage is 5.27%.
To multiply means to add a number to itself a particular number of times. Multiplication can be viewed as a process of repeated addition.
Since, we're taking two mortgages for a total of $100,000 for 30 years,
Now, we can find the actual rate of the mortgage by finding the weighted average of the two rates.
Hence, The weights in this case will be the proportion of loan taken at each rate;
We have
Rates Weights Rates × Weights
4.15 0.80 4.15 x 0.80 = 3.32
9.75 0.20 9.75 x 0.20 = 1.95
Hence, The actual rate of the mortgage is,
⇒ 3.32 + 1.95
⇒ 5.27%.
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Answer:
mine was 5.45$
Step-by-step explanation: