115k views
5 votes
Amanda borrowed $6000 from two sources: her parents and a credit union. Her parents charged 2% simple interest and the credit union charged 6% simple

interest. If after 1 yr, Amanda paid $285 in interest, how much did she borrow from her parents, and how much did she borrow from the credit union?

User Douarbou
by
8.4k points

1 Answer

5 votes

Answer:

Amanda borrowed $1875 from her parents and $4125 from the credit union

Explanation:

The total amount of interest Amanda paid after one year is $285.

Let P be the amount Amanda borrowed from her parents, and C be the amount she borrowed from the credit union.

The total amount Amanda borrowed was P + C = $6000.

The total interest Amanda paid was 2% * P + 6% * C = $285.

We can set up the following system of equations to represent these relationships:

P + C = $6000

0.02P + 0.06C = $285

To solve for P and C, we can first solve for P in terms of C.

Substituting the first equation into the second equation, we get:

0.02(6000 - C) + 0.06C = $285

0.02(6000) - 0.02C + 0.06C = $285

120 - 0.02C + 0.06C = $285

-0.04C = $165

C = -$165/-0.04 = $4125

Substituting this value for C back into the first equation, we get:

P + $4125 = $6000

P = $6000 - $4125 = $1875

Therefore, Amanda borrowed $1875 from her parents and $4125 from the credit union.

User Kiruba
by
8.6k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories