SOLUTION: hello and thank you for the help.I put were i got before i realized the equations were not working at least i think thats the problem. thank you again.
Dave borrowed $25000 in t
Question 101731: hello and thank you for the help.I put were i got before i realized the equations were not working at least i think thats the problem. thank you again.
Dave borrowed $25000 in total from two banks. The first bank charged him 6% per annum while the second charged 9% per annum. At the end of the first year he paid equal amounts of interest to each bank. Determine the amount borrowed at each rate?
let x=money borrowed at 6%
interest at 6% is 6%/100=0.06x
let y=money borrowed at 9%
interest at 9% is 9%/100=0.09y
x+y=25000
(0.06x=0.09y)100
x+y=25000
6x=9y
9y+y=25000
10y=25000
y=2500 Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Dave borrowed $25000 in total from two banks. The first bank charged him 6% per annum while the second charged 9% per annum. At the end of the first year he paid equal amounts of interest to each bank. Determine the amount borrowed at each rate?
---------------
Let amt borrowed at 6% be "x"; Interest is 0.06x dollars
--------------
Amt borrowed at 9% is "25000-x"; interest is 0.09(25000-x)
---------------
EQUATION:
Interest = Interest
0.06x = 0.09(25000-x)
6x = 9(25000-x)
6x = 225000-9x
15x = 225000
x = $15000 (amt borrowed at 6%)
25000=15000=$10000 (amt borrowed at 9%)
=========================
Cheers,
Stan H.
(