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3 years ago

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Sara borrows $10000 from one bank, and Jose borrows $2000 from another bank. Sara’s account pays 3% more than Jose’s account. If

together the accounts earn $800 simple interest in one year, what is the annual interest rate for:
Sara’s account?

Jose’s account?

1 answer:

scoundrel [369]3 years ago

7 0

Multiply both by .03 add

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Answer:

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Step-by-step explanation:

Let,

x be the money Tommy have.

y be the money Loren have.

According to given statement;

Tommy had 8 times more money than Loren.

x = 8y Eqn 1

Parents gave 35 cents to Loren and Tommy spent 14 cents, therefore

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Putting x=8y in Eqn 2

$8y-14=y+35\\8y-y=35+14\\7y=49$

Dividing both sides by 7

$\frac{7y}{7}=\frac{49}{7}\\y=7$

Putting y=7 in Eqn 1

$x=8(7)\\x=56$

Hence,

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