Problema Solution
makayyla borrows $10,000. Some is from her friend at 8% annual interst, twice as much as that from her bank at 9%, and the remainder from her insurance company at 5%. She pays a total of $830 in interest for the first year. How much did she borrow from each source?
Answer provided by our tutors
Let
x = the money borrowed from the friend at 8%
2x = the money borrowed from the bank at 9%
10,000 - (x + 2x) = 10,000 - 3x the reminder from the insurance company at 5%
0.08x + 0.09*2x + 0.05*(10000 - 3x) = 830
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click here to see the equation solved for x
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x = $3,000
She borrowed $3,000 from a friend, 2*3,000 = $6,000 from her bank and 10,000 - (3,000 + 6,000) = $1,000 from the insurance company.