Answer:he borrowed $22000 from bank 1.
He borrowed $2000 from bank 2
Step-by-step explanation:
Let x represent the amount of money that he borrowed from bank 1.
Let y represent the amount of money that he borrowed from bank 2.
Bobby Borrowed 24,000 from two different banks to start a business. This means that
x + y = 24000
The formula for simple interest is expressed as
I = PRT/100
Where
P represents the principal
R represents interest rate
T represents time
Considering the money borrowed from bank 1,
P = x
R = 4%
T = 1
I = (x × 4 × 1)/100 = 0.04x
Considering the money borrowed from bank 2,
P = y
R = 5.5%
T = 1
I = (y × 5.5 × 1)/100 = 0.055y
if the total interest after 1 year was $990, it means that
0.04x + 0.055y = 990 - - - - - -1
Substituting x = 24000 - y into equation 1, it becomes
0.04(24000 - y) + 0.055y = 990
960 - 0.04y + 0.055y = 990
- 0.04y + 0.055y = 990 - 960
0.015y = 30
y = 30/0.015 = $2000
Substituting y = 2000 into
x = 24000 - y, it becomes
x = 24000 - 2000
x = 22000
