SOLUTION: Chuck receives loans totaling $12,000 from two banks. One bank charges 7.5% annual interest, and the second bank charges 9% annual interest. He paid $960 in total interest in one y
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-> SOLUTION: Chuck receives loans totaling $12,000 from two banks. One bank charges 7.5% annual interest, and the second bank charges 9% annual interest. He paid $960 in total interest in one y
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Question 234701: Chuck receives loans totaling $12,000 from two banks. One bank charges 7.5% annual interest, and the second bank charges 9% annual interest. He paid $960 in total interest in one year. How much was loaned at each bank ?
could you show me how to set up the equation for this. Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! The formula for simple interest is = amount after years = interest rate = original amount
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Let = amount loaned by 1st bank
Then will be the amount loaned by other bank
bank 1:
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bank 2:
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The interest paid to bank 1 is
The interest paid to bank 2 is
The total interest paid to the two banks is
The total interest paid is $960
$8000 was loaned at bank 1
$4000 was loaned at bank 2
check answer:
and
and
OK
