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The interest rate of an auto loan was 7 7/8 last month. This month the interest rate is 9 3/4...?


HOW MANY PERCENTAGE POINTS HAS THE INTEREST RATE INCREASED? Please explain how you obtained the answer.

How did I get the answer? I used simple arithmetic and LCD rules..

9 3/4 - 7 7/8 = 39/4 - 63/8 = 78/8 - 63/8 = 15/8 = 1 7/8.
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