Problema Solution
Paquet wants to start a new company that makes hub caps and needs to borrow a total of $15,000. Part of the money is borrowed from a loan shark that charges 12% simple interest and the remaining is borrowed from a bank that charges 7% simple intrest. If Paquet's total interst for the is $1475, then find the amount he borrowed from each source.
Answer provided by our tutors
0.07(15000-x)+0.12(x) = 1475
1050-0.07x+0.12x = 1475
x =8500
he borrowed 8500 from the 12% and 6500 from the 7%