Question

$13,000 was borrowed from two sources, one that charges 15% simple interest and the other that charges 10% simple interest. If the total interest at the end of 1 year was $1750, how much money was borrowed from each source?

Answer 1

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Answer:

• $9,000 at 15%
• $4,000 at 10%

Step-by-step explanation:

Let x represent the amount borrowed at 15%. Then the amount borrowed at 10% is (13000-x). The interest at the end of the year is ...

  0.15(x) + 0.10(13000 -x) = 1750

  0.05x = 1750 -1300 . . . . . . . . . . . . simplify, subtract 1300

  x = 450(20) = 9000 . . . . . . . . . . multiply by 20

$9,000 was borrowed at 15%; $4,000 was borrowed at 10%.