Question

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After not studying hard enough and losing his academic scholarship, Mark needs to borrow money from 2 different banks to pay
his tuition. Bank Seven charges 12% simple interest, while First Collegiate Bank charges 10%. Mark had to borrow twice as
much from Bank Seven as he did from First Collegiate Bank. After one year, the combined interest he owed was $816. How
much did Mark borrow in total?

Answer 1

9514 1404 393

Answer:

$7200

Explanation:

If x is the total amount borrowed, then 2/3x was borrowed from Bank Seven, and 1/3x was borrowed from First Collegiate Bank. The total interest owed was ...

(2/3x)(0.12) +(1/3x)(0.10) = $816

x(2/25 +1/30) = $816

(17/150)x = $816

x = $816(150/17) = $7200

Mark borrowed a total of $7200.