SOLUTION: Blake borrowed $19,000 from two banks. One bank charged 2% simple interest, and the other charged 3% simple interest. If the total interest charged was $530, find the amount borrow

SOLUTION: Blake borrowed $19,000 from two banks. One bank charged 2% simple interest, and the other charged 3% simple interest. If the total interest charged was $530, find the amount borrow

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Question 1188742: Blake borrowed $19,000 from two banks. One bank charged 2% simple interest, and the other charged 3% simple interest. If the total interest charged was $530, find the amount borrowed from each bank.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
x a 2%
19000-x at 3%
so 0.02x+0.03(19000-x)= 530
0.02x+570-0.03x=530
-0.01x=-40
x=$4000 at 2% ($80 per year)
19000-x=$15000 at 3% ($450 per year)
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