Question

Alfonso borrowed $2500 total from two different banks. One bank charged 4% simple interest, the other charged 3.5% simple interest. After one year, the amount of interest that Alfonso owed was $91.25. How much money did Alfonso borrow from each bank.

Answer 1

Alfonso borrowed $750 from the bank with 4% simple interest and borrowed $1,750 from the bank with 3.5% simple interest.

How do we calculate the amount borrowed?

Let:

x = amount borrowed from the bank that charged 4% simple interest

y = amount borrowed from the bank that charged 3.5% simple interest

Therefore, we have:

x + y = 2,500 ............................... (1)

0.04x + 0.035y = 91.25 ............................. (2)

From equation (1), we have:

x = 2,500 - y ....................... (3)

Substituting equation (3) into (2) and solving for y, we have:

0.04(2,500 - y) + 0.035y = 91.25

100 - 0.04y + 0.035y = 91.25

100 - 0.005y = 91.25

-0.005y = 91.25 - 100

-0.005y = -8.75

y = -8.75 / -0.005

y = $1,750

Substituting for y in equation (3), we have;

x = 2,500 - 1,750

x = $750

Learn more about the amount borrowed here: brainly.com/question/17619427.

#SPJ