# SOLUTION: A customer purchased a care and financed \$16,000. The customer borrowed part of the money from a bank charging 10% annual interest and the rest from a credit union at 8% annual in

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 Question 85800: A customer purchased a care and financed \$16,000. The customer borrowed part of the money from a bank charging 10% annual interest and the rest from a credit union at 8% annual interest. If the total interest for the year was \$1390 how much borrowed from the bank and how much was borrowed from the credit uninon?Found 2 solutions by stanbon, Earlsdon:Answer by stanbon(57307)   (Show Source): You can put this solution on YOUR website!A customer purchased a car and financed \$16,000. The customer borrowed part of the money from a bank charging 10% annual interest and the rest from a credit union at 8% annual interest. If the total interest for the year was \$1390 how much borrowed from the bank and how much was borrowed from the credit uninon? ---------------- Let amount invested at 10% be "x"; Interest on that is 0.10x dollars ------------ Amount invested at 8% is "16000-x"; Interest on that is 0.08(16000-x)=1280-0.08x dollars ----------------- EQUATION: interest + interest = \$1390 0.10x + 1280 - 0.08x = 1390 0.02x = 110 x= \$5500.00 (amt invested at 10%) 16000-x = 16000-5500 = \$10500 (amt invested at 8%) ================= Cheers, Stan H. Answer by Earlsdon(6287)   (Show Source): You can put this solution on YOUR website!Let x = the amount borrowed from the bank at 10% interest. Then \$16,000-x = the amount borrowed from the credit union at 8% interest. You can write the following equation, after changing the percentages to their eqivalent decimal amounts, for the total amount of interest paid: x(0.1) + (\$16000-x)(0.08) = \$1,390 Simplify and solve for x. 0.1x + \$1,280 - 0.08x = \$1,390 Combine like-terms. 0.02x + \$1.280 = \$1,390 Subtract \$1,280 from both sides. 0.02x = \$110 Divide both sides by 0.02 x = \$5,500 This is the amount borrowed from the bank at 10% interest. \$16,000 - x = \$16,000 - \$5,500 = \$10,500 This is the amount borrowed from the credit union at 8% interest.