Question

In the following answer, why does 830 convert to 83000?

Answer 1

Then the money borrowed insurance company is $1,000.

Money borrowed from insurance company = $1000

Let the money borrowed by her friend at 8% interest = x

Then the money borrowed by the bank at 9% interest = 2x

What is the total money?

Total money borrowed = $10,000

So, the money borrowed from the insurance company = 10,000-(2x+x)

= 10,000-3x

Total interest for the first year = $830

We have the equation,

8%(x) + 9%(2x) +5% (10,000-3x) = 830

8x+18x+50,000-15x = 83,000

11x = 83000-50000

11x = 33,000

x = $3000

Then the money borrowed insurance company = 10,000-3x

Then the money borrowed insurance company is $1,000.

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