A Customer Has a First Mortgage of $100,000 at 5

question 339

Multiple Choice

A customer has a first mortgage of $100,000 at 5.5% and a second mortgage of $50,000 at 7.8%. What is the average rate of mortgage that the customer pays?

• A) 6.7%
• B) 7%
• C) 5.9%
• D) 6.5%
• E) 6.3%