Question 31778This question is from textbook
: Please help me with this interest problem! I'm desperate and thankyou upfront
A realtor borrowed $90,000to develop some property. He was able to borrow part of the money at 11.5% interest and the rest at 12%. The annual interest on the two loans amounts to $10,525. How much was borrowed at each rate?
This question is from textbook
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Let amount invested at 11.5% be "x".
Then amount invested at 12% must be "90000-x"
Interest on 11.5% investment is 11.5%(x)=0.115x
Interest on 12% investment is 12%(90000-x)=10800-0.12x
EQUATION:
Interest + Interest = $10525
0.115x+10800-0.12x=10525
Mutiply by 1000 to get rid of the decimals:
115x + 10800000=120x=10525000
-5x=-275000
x=$55,000 (amount invested at 11.5%)
90,000-55,000= $35,000 (amount invested at 12%)
Cheers,
Stan H.
|
|
|
