Problema Solution
A realtor borrowed $90,000 to develop some property. He was able to borrow part of the money at 5.5% interest and the rest at 6%. The annual interest on the two loan amounts was $5,125. How much was borrow at each rate?
Answer provided by our tutors
let
x = the money borrow at 5.5%
y = the money borrow at 6%
a realtor borrowed $90,000 to develop some property
x + y = 90000
the annual interest on the two loan amounts was $5,125
0.055x + 0.06y = 5125
by solving the system of equations
x + y = 90000
0.055x + 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
$55,000 was borrowed at 5.5% interest.
$35,000 was borrowed at 6% interest.