SOLUTION: Jacques borrows a total of $13,500. Part of the money is borrowed from a bank that charges 12% simple interest per year. Jacques borrows the remaining part of the money from his si

Question 1126786: Jacques borrows a total of $13,500. Part of the money is borrowed from a bank that charges 12% simple interest per year. Jacques borrows the remaining part of the money from his sister and promises to pay her 5% simple interest per year. If Jacques' total interest for the year is $1165, find the amount he borrowed from each source.
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
total 13,500
one part at 12%, let it be x
the other, at 5%, will be 13,500 - x
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
0.12x + 0.05(13,500 - x) = 1,165
0.12x + 675 - 0.05x = 1,165
0.07x = 490
x = 490/0.07
x = 7,000 he borrowed 7,000 from the bank
and 13,500 - 7,000 = 6,500 from his sister
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
check:
0.12(7000) + 0.05(6,500) = 1,165
840 + 325= 1,165 Correct

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