SOLUTION: I need help with this problem, I am taking elementary algebra in college.
Jake borrowed $5000 from two different banks. One bank charges 7% simple interest, and other charges 8.5%
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: I need help with this problem, I am taking elementary algebra in college.
Jake borrowed $5000 from two different banks. One bank charges 7% simple interest, and other charges 8.5%
Log On
Question 191608This question is from textbook
: I need help with this problem, I am taking elementary algebra in college.
Jake borrowed $5000 from two different banks. One bank charges 7% simple interest, and other charges 8.5% simple interest. If the total interest payment is $380, how much did he borrow? This question is from textbook
You can put this solution on YOUR website! let x and y be the amounts borrowed at 7% and 8.5 % interest respectively
:
x+y=5000..........eq1
.07x+.085y=380....eq 2
:
rewrite eq 1 to x=5000-y and plug this value into eq 2
:
.07(5000-y)+.085y=380
:
350-.07y+.085y=380
:
.015y=30
:
y=2000 dollars at 8.5%
:
x=5000-y=5000-2000=3000 dollars at 7%
(