Problema Solution
A Realtor borrowed $90,000 to develop property. He borrowed part of the money at 5.5 % interest and the rest at 6.0% . The annual interest rate on the two loans amounts was $5,125. How much was borrowed at each rate?
Answer provided by our tutors
let
x = the money borrowed at 5.5%
y = the money borrowed at 6.0%
Realtor borrowed $90,000 to develop property
x + y = 90000
the annual interest rate on the two loans amounts was $5,125
0.055*x + 0.06y = 5125
by solving the system of equations
x + y = 90000
0.055*x + 0.06y = 5125
we find
x = $55,000
y = $35,000
click here to see the step by step solution of the system of equations
there were $55,000 borrowed at 5.5% interest and $35,000 borrowed at 6.0% interest.