SOLUTION: A customer purchased a car and financed &16,000. The customer borrowed part of the money from a bank charging 10% annual interest and the rest from a credit union at 8% annual inte
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Question 236005: A customer purchased a car and financed &16,000. The customer borrowed part of the money from a bank charging 10% annual interest and the rest from a credit union at 8% annual interest. If the total interest for the year was $1390, how much was borrowed from the bank and how much was borrowed from the credit union?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
.1x+.08(16000-x)=1390
.1x+1280-.08x=1390
.02x=110
x=$5500 at 10%
$10500 at 8%
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