SOLUTION: A realtor borrowed $75,000 to develop some property. He was able to borrow part of the money for one year at 9.5% interest and the rest at 7% interest for one year. The annual inte
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-> SOLUTION: A realtor borrowed $75,000 to develop some property. He was able to borrow part of the money for one year at 9.5% interest and the rest at 7% interest for one year. The annual inte
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Question 1088663: A realtor borrowed $75,000 to develop some property. He was able to borrow part of the money for one year at 9.5% interest and the rest at 7% interest for one year. The annual interest on the two loan amounts to $6325. How much was borrowed at each rate? Answer by addingup(3677) (Show Source):
You can put this solution on YOUR website! 0.095x+0.07(75,000-x) = 6,325
do the math and you get:
x = 43,000 this is the amount at 9.5%. Subtract from 75,000 to get the amount at 7%.
