Question 993832: A part of $8000 was borrowed at 2% simple annual interest and the remainder at 4%. If the total amount of interest
after a year is $280, how much each was borrowed?
Answer by addingup(3677)   (Show Source):
You can put this solution on YOUR website! Let's call the part borrowed at 2% a and the remainder b:
a+b= 8,000, therefore, a= 8,000-b We will use this value for a.
And the problem says that after a year the interest amounts to 280:
0.02(8000-b)+0.04b = 280 Now multiply on the left:
160-0.02b+0.04b= 280 Add the b on left and subtract 160 from both sides:
0.02b= 120 divide both sides by 0.02:
b= 6,000. This amount was borrowed at 4%, so 8,000-6,000= 2,000 was borrowed at 2%. Let's prove it:
6,000*0.04= 240
2,000*0.02= 40
Total.......280 We have the correct answer.
|
|
|
