SOLUTION: Winston borrowed $4000 in two loans. One loan charged 7% interest and the other charged 1.5% interest. After 1 year, Winston paid $225 in interest. Find the amount borrowed in each
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Question 584953: Winston borrowed $4000 in two loans. One loan charged 7% interest and the other charged 1.5% interest. After 1 year, Winston paid $225 in interest. Find the amount borrowed in each loan. Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let = amount borrowed @ 7%
Let = amount borrowed @ 1.5%
given:
(1)
(2)
-----------------
(1)
(1)
Multiply both sides of (2) by
and subtract (2) from (1)
(1)
(2)
and
(2)
(2)
$3,000 was borrowed @ 7%
$1,000 was borrowed @ 1.5%
check:
(1)
(1)
(1)
(1)
OK
