SOLUTION: Jim borrowed some money at 13% interest and some money at 16% interest. The amount at 16% was $200 more than twice the amount borrowed at 13%. How much was borrowed at each rate if

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Question 938991: Jim borrowed some money at 13% interest and some money at 16% interest. The amount at 16% was $200 more than twice the amount borrowed at 13%. How much was borrowed at each rate if he had to pay a total $234.5 annual interest.
Hi sorry I really cant get this one. Thanks for the help

Answer by MathTherapy(10555)   (Show Source): You can put this solution on YOUR website!

Jim borrowed some money at 13% interest and some money at 16% interest. The amount at 16% was $200 more than twice the amount borrowed at 13%. How much was borrowed at each rate if he had to pay a total $234.5 annual interest.
Hi sorry I really cant get this one. Thanks for the help

Let amount borrowed at 13% be T
Since the amount borrowed at 16% was $200 more than twice the amount borrowed at 13%, then amount borrowed
at 16% = 2T + 200
Annual interest paid on 13% loan = .13(T), or .13T
Annual interest paid on 16% loan = .16(2T + 200), or .32T + 32
As total annual interest paid was $234.5, we get: .13T + .32T + 32 = 234.5
.13T + .32T = 234.5 - 32
.45T = 202.5
T, or amount borrowed at 13% = , or $
Amount borrowed at 16% = 2(450) + 200, or 900 + 200, or $
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