Question

Laura borrowed a total of $22,000 from two different banks to start a business. One bank charged the equivalent of 4% simple interest, and the other charged 5.5% interest. If the total interest after 1 year was $910, determine the amount borrowed from each bank.

Answer 1

it is 1million cas in not really that smart I wish I was smarter

Answer 2

Answer: Amount borrowed from 4% rate is $20000 and amount borrowed from 5.5% rate is $2000.

Explanation:

Since we have given that

Total borrowed amount = $22,000

Amount borrowed at 4% rate of interest be 'x'.

Amount borrowed at 5.5% rate of interest be '22000-x'.

Number of years = 1

As we know the formula for "Simple interest":

`Simple\ interest=(P* R* T)/(100)\\So,\\\\(x* 4* 1)/(100)+((22000-x)* 5.5* 1)/(100)=910\\\\(4x)/(100)+(121000-5.5x)/(100)=910\\\\4x+121000-5.5x=910* 100\\\\-1.5x=91000-121000\\\\-1.5x=-30000\\\\x=(30000)/(1.5)=\$20000`

So, Amount borrowed from 4% rate is $20000 and amount borrowed from 5.5% rate is $2000.