SOLUTION: Dana borrowed $8000. She borrowed part of the money from a bank that charged 14% /a interest. She borrowed the remainder from her uncle who charged her 5% /a interest. After 1 year

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: Dana borrowed $8000. She borrowed part of the money from a bank that charged 14% /a interest. She borrowed the remainder from her uncle who charged her 5% /a interest. After 1 year      Log On


   

Question 1173935: Dana borrowed $8000. She borrowed part of the money from a bank that charged 14% /a interest. She borrowed the remainder from her uncle who charged her 5% /a interest. After 1 year Dana needed a total of 8850 to repay both loans. How much did she borrow from each source
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

Dana borrowed $8000. 

Let x represent the amount at 14% and (8000-x) represent the amount at 5%

She borrowed part(x) of the money from a bank that charged 14% /a interest.

She borrowed the remainder(8000-x) from her uncle who charged her 5% /a interest

After 1 year Dana needed a total of $8850 to repay both loans. 

8850+=+8000+%2B+.14%2Ax%2B+.05%288000-x%29

    850 = .14x + 400 - .05x

      450 = .09x

    450/.09 = x = $5000, the amount at 14% , the amount at 5% = $3000  

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