Question 101731
Dave borrowed $25000 in total from two banks. The first bank charged him 6% per annum while the second charged 9% per annum. At the end of the first year he paid equal amounts of interest to each bank. Determine the amount borrowed at each rate?
---------------
Let amt borrowed at 6% be "x"; Interest is 0.06x dollars
--------------
Amt borrowed at 9% is "25000-x"; interest is 0.09(25000-x)
---------------
EQUATION:
Interest = Interest
0.06x = 0.09(25000-x)
6x = 9(25000-x)
6x = 225000-9x
15x = 225000
x = $15000 (amt borrowed at 6%)
25000=15000=$10000 (amt borrowed at 9%)
=========================
Cheers,
Stan H.