document.write( "Question 85800: A customer purchased a care 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 borrowed from the bank and how much was borrowed from the credit uninon? \n" ); document.write( "

Algebra.Com's Answer #61984 by Earlsdon(6294) $\"\"$ $\"About$

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Let x = the amount borrowed from the bank at 10% interest.
\n" ); document.write( "Then $16,000-x = the amount borrowed from the credit union at 8% interest.
\n" ); document.write( "You can write the following equation, after changing the percentages to their eqivalent decimal amounts, for the total amount of interest paid:
\n" ); document.write( "x(0.1) + ($16000-x)(0.08) = $1,390 Simplify and solve for x.
\n" ); document.write( "0.1x + $1,280 - 0.08x = $1,390 Combine like-terms.
\n" ); document.write( "0.02x + $1.280 = $1,390 Subtract $1,280 from both sides.
\n" ); document.write( "0.02x = $110 Divide both sides by 0.02
\n" ); document.write( "x = $5,500 This is the amount borrowed from the bank at 10% interest.
\n" ); document.write( "$16,000 - x = $16,000 - $5,500 = $10,500 This is the amount borrowed from the credit union at 8% interest. \n" ); document.write( "

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