A bank is offering home loans at an interest rate of 5 1/2%. Write the percent as a fraction in simplest form.
Answer:
The percent as a fraction in simplest form is \(5\frac{1}{2}\%=\frac{11}{200}\)
Step-by-step explanation:
Given : A bank is offering home loans at an interest rate of \(5\frac{1}{2}\%\).
To find : Write the percent as a fraction in simplest form ?
Solution :
Interest rate is \(5\frac{1}{2}\%\)
Convert mixed fraction into improper fraction,
\(5\frac{1}{2}\%=\frac{11}{2}\%\)
Converting percentage by dividing number by 100,
\(5\frac{1}{2}\%=\frac{11}{2}\)
\(5\frac{1}{2}\%=\frac{11}{2}\times \frac{1}{100}\)
\(5\frac{1}{2}\%=\frac{11}{200}\)
Therefore, The percent as a fraction in simplest form is \(5\frac{1}{2}\%=\frac{11}{200}\)