Question 729591: A customer purchased a car and financed $15,000. The customer borrowed part of the money from a bank charging 10% annual interest and the rest from a credit union at 9% annual interest. If the total interest fro the year was $1430, how much was borrowed from the credit union?
Found 2 solutions by lynnlo, ikleyn:
Answer by lynnlo(4176)   (Show Source):
Answer by ikleyn(53427)  (Show Source):
You can put this solution on YOUR website! .
A customer purchased a car and financed $15,000. The customer borrowed part of the money from a bank
charging 10% annual interest and the rest from a credit union at 9% annual interest.
If the total interest from the year was $1430, how much was borrowed from the credit union?
~~~~~~~~~~~~~~~~~~~~~~~~~~
Let x be the amount borrowed from the credit union at 9% in dollars (the value under the problem's question).
Then the value borrowed from the bank at 10% is (15000-x) dollars.
Write an equation for the total annual interest
0.09x + 0.1(15000-x) = 1430 dollars. (1)
Simplify
0.09x + 1500 - 0.1x = 1430,
-0.09x - 0.1x = 1430 - 1500,
-0.01x = -70,
x =  = 7000.
Thus, 7000 dollars were borrowed from the credit union.
ANSWER. $7000 were borrowed from the credit union.
CHECK. The total annual interest is  = 1430 dollars, correct !
Solved.
|
|
|
