SOLUTION: Mr. Jackson borrowed money from his bank and on his life insurance to start a business. His interest rate on the bank loan was 10%, and his rate on the insurance loan was 12%. If
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Question 345946: Mr. Jackson borrowed money from his bank and on his life insurance to start a business. His interest rate on the bank loan was 10%, and his rate on the insurance loan was 12%. If the total amount borrowed was $100,000 and his total yearly interest payment was $10,900, how much did he borrow from the bank? Answer by rfer(16322) (Show Source):
You can put this solution on YOUR website! 0.1x+0.12(100000-x)=10900
0.1x+12000-0.12x=10900
-0.02x=-1100
x=55,000 at 10%
100000-x=45,000 at 12%
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