Question

Jina borrowed a total of $21,000 from two different banks to start a business. One bank charged the equivalent of 6% simple interest, and the other charged 3.5% interest. If the total interest after 1 year was $1210, determine the amount borrowed from each bank.

Answer 1

Answer: hope this helps

Let x be the amount borrowed from the bank that charged 6% interest and y be the amount borrowed from the bank that charged 3.5% interest. We know that:

x + y = 21,000 (the total amount borrowed)

We also know that the total interest after 1 year was $1210. The interest charged by the first bank is 6/100x = 0.06x and the interest charged by the second bank is 3.5/100y = 0.035y.

The total interest is the sum of the interest charged by both banks:

0.06x + 0.035y = 1210

We have two equations:

x + y = 21,000

0.06x + 0.035y = 1210

To find the amount borrowed from each bank, we can use the first equation to solve for one of the variables in terms of the other. For example, we can substitute y = 21,000 - x in the second equation:

0.06x + 0.035(21,000 - x) = 1210

0.06x + 735 - 0.035x = 1210

0.025x = 485

x = 19400

Now, we can substitute this value of x back into the first equation to find the value of y:

y = 21,000 - x

y = 21,000 - 19400

y = 1600

So, Jina borrowed $19400 from the bank that charged 6% interest, and $1600 from the bank that charged 3.5% interest.

Explanation: