SOLUTION: The Grand Bank loaned one borrower $25000 and another borrower $50000 at an interest rate that was twice that of the first. If the combined annual interest received by the bank was
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Question 387142: The Grand Bank loaned one borrower $25000 and another borrower $50000 at an interest rate that was twice that of the first. If the combined annual interest received by the bank was $7500, what was the interest rate for each loan?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
25000x+2(50000x)=7500
25000x+100000x=7500
125000x=7500
x=0.06=6%
2x=0.12=12%
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