SOLUTION: Emily has a credit card from EdHelper Bank and another from Party Bank. She owes EdHelper Bank $290 more than Party Bank. EdHelper Bank charges 19% simple interest per year and par

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Question 465036: Emily has a credit card from EdHelper Bank and another from Party Bank. She owes EdHelper Bank $290 more than Party Bank. EdHelper Bank charges 19% simple interest per year and party bank charges 11% per year. The yearly interest charge Emily needs to pay is $214.10. How much money does Emily owe Party Bank before interest charges?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Emily has a credit card from EdHelper Bank and another from Party Bank. She owes EdHelper Bank $290 more than Party Bank. EdHelper Bank charges 19% simple interest per year and party bank charges 11% per year. The yearly interest charge Emily needs to pay is $214.10. How much money does Emily owe Party Bank before interest charges?
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EdHelper: x
Party Bk: x-290
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Equation:
Interest + Interest = Interest
0.19x + 0.11(x-290) = 214.10
Multiply thru by 100 to get:
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19x + 11x-11*290 = 21410
30x = 24600
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x = $820 (owed to EdHelper)
x-290 = $530 (owed to Party Bk)
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Cheers,
Stan H.
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