SOLUTION: How do I set up this word problem? Mark needs to borrow money from two different banks. Bank seven charges 12% simple interest while first bank charges 10%. Mark had to borrow twic

Question 991277: How do I set up this word problem? Mark needs to borrow money from two different banks. Bank seven charges 12% simple interest while first bank charges 10%. Mark had to borrow twice as much from bank seven as he did from first bank. After one year the combined interest he owed was $884. How much did mark borrow in total?
Found 2 solutions by solver91311, Theo:
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!

A person has currency units invested in 2 accounts.

One account earns percent interest, and the other account earns percent interest.

The two accounts earn a total of interest in one year.

How much is invested in each account?

Let be the amount invested at percent. Then the amount invested at percent is , and:

Solve for , then calculate

The only difference in this general solution from your problem is that you don't know the total Principal. For your problem you need to use and instead of and . Just make sure you put the right rate with the right principal amount variable expression.

John

My calculator said it, I believe it, that settles it

Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
mark borrows x dollars from the first bank at 10% interest.
mark borrows 2x dollars from bank seven at 12% interest.
x represents the amount of money he borrows from the first bank.
2x represents the amount of money he borrows from bank seven.
it's 2x because 2x is twice as much as x.
the amount of interest at the end of the first year is equal to 884.
your formula is:
.10 * x + .12 * 2x = 884
since 2x is the same as 2 * x, the formula becomes:
.10 * x + .12 * 2 * x = 884
since x is a common factor, it can be broken out to get:
x * (.10 + .12 * 2) = 884.
simplify to get:
x * (.10 + .24) = 884.
simplify further to get:
x * .34 = 884.
divide both sides of the equation by .34 to get:
x = 884 / .34 = 2600.
since x = 2600, then 2x = 5200.
he invested 2600 in the first bank at 10% interest.
he invested 5200 in bank seven at 12% interest.
.10 * 2600 = 260
.12 * 5200 = 624
add them up and you get 884 total interest.

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