Question

Laura borrowed a total of $22,000 from two different banks to start a business. One bank charged the equivalent of 4% simple interest, and the other charged 5.5% interest. If the total interest after 1 year was $910, determine the amount borrowed from each bank.

Answer 1

Answer: Amount borrowed from 4% rate is $20000 and amount borrowed from 5.5% rate is $2000.

Step-by-step explanation:

Since we have given that

Total borrowed amount = $22,000

Amount borrowed at 4% rate of interest be 'x'.

Amount borrowed at 5.5% rate of interest be '22000-x'.

Number of years = 1

As we know the formula for "Simple interest":

$Simple\ interest=\dfrac{P\times R\times T}{100}\\So,\\\\\dfrac{x\times 4\times 1}{100}+\dfrac{(22000-x)\times 5.5\times 1}{100}=910\\\\\dfrac{4x}{100}+\dfrac{121000-5.5x}{100}=910\\\\4x+121000-5.5x=910\times 100\\\\-1.5x=91000-121000\\\\-1.5x=-30000\\\\x=\dfrac{30000}{1.5}=\ 20000$

So, Amount borrowed from 4% rate is $20000 and amount borrowed from 5.5% rate is $2000.

Answer 2

It is 1million cas in not really that smart I wish I was smarter