SOLUTION: Dana borrowed $8000. She borrowed part of the money from a bank that charged 14% /a interest. She borrowed the remainder from her uncle who charged her 5% /a interest. After 1 year

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Question 1173935: Dana borrowed $8000. She borrowed part of the money from a bank that charged 14% /a interest. She borrowed the remainder from her uncle who charged her 5% /a interest. After 1 year Dana needed a total of 8850 to repay both loans. How much did she borrow from each source
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
 
Hi,
Dana borrowed $8000.
Let x represent the amount at 14% and (8000-x) represent the amount at 5%
She borrowed part(x) of the money from a bank that charged 14% /a interest.
She borrowed the remainder(8000-x) from her uncle who charged her 5% /a interest
After 1 year Dana needed a total of $8850 to repay both loans.

850 = .14x + 400 - .05x
450 = .09x
450/.09 = x = $5000, the amount at 14% , the amount at 5% = $3000
Wish You the Best in your Studies.

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