SOLUTION: Amanda borrowed $6000 from two sources her parents and a credit union her parents charge 3% simple interest and the credit union charged 8% simple interest if after one year Amanda
Question 1146217: Amanda borrowed $6000 from two sources her parents and a credit union her parents charge 3% simple interest and the credit union charged 8% simple interest if after one year Amanda paid $255 in interest how much did she borrow from her parents and how much did she borrow from the credit union Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! Amanda borrowed $6000 from two sources her parents and a credit union her parents charge 3% simple interest and the credit union charged 8% simple interest
if after one year Amanda paid $255 in interest how much did she borrow from her parents and how much did she borrow from the credit union
:
Let x = amt borrow at the credit union at 8%
the total borrowed is $6000, therefore
(6000-x) = amt borrowed from parents at 3%
:
Credit union interest + parents interest = $255
.08x + .03(6000-x) = 255
.08x + 180 - .03x = 255
.08x - .03x = 255 - 180
.05x = 75
x = 75/.05
x = $1500 borrowed from the credit union
then
6000 - 1500 = $4500 borrowed from parents
:
:
See if this checks out. Find the actual interest from each
.08(1500) = 120
.03(4500) = 135
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total int: 255
