SOLUTION: Jim borrowed some money at 13% interest and some money at 16% interest. The amount at 16% was $200 more than twice the amount borrowed at 13%. How much was borrowed at each rate if
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Question 63884: Jim borrowed some money at 13% interest and some money at 16% interest. The amount at 16% was $200 more than twice the amount borrowed at 13%. How much was borrowed at each rate if he had to pay a total of $234.50 annual interest? Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! Jim borrowed some money at 13% interest and some money at 16% interest. The amount at 16% was $200 more than twice the amount borrowed at 13%. How much was borrowed at each rate if he had to pay a total of $234.50 annual interest?
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Let x = 13% amt borrowed
:
The problem states:"The amount at 16% was $200 more than twice the amount borrowed at 13%.
Therefore the 16% amt = (2x+200)
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The problems states the the interest on both loan amounted to: $234.50
.13x + .16(2x + 200) = 234.5
:
.13x + .32x + 32 = 234.5: multiplied what's inside the brackets
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.13x + .32x = 234.5 - 32; subtracted 32 from both sides
:
.45x = 202.5
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x = 202.5/.45
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x = $450 borrowed at 13%
:
2(450) + 200 =
900 + 200 = $1100 borrowed at 16%
:
:
Check:
.13(450) + .16(1100) =
58.5 + 176 = 234.50 check our solutions
