$13,000 was borrowed from two sources, one that charges 20% simple interest and the other that charges 8% simple interest. If the total interest at the end of 1 year was $2120, how much money was borrowed from each source?

$13,000 was borrowed from two sources, one that charges 20% simple interest and the other that charges 8% simple interest. If the total interest at the end of 1 year was $2120, how much money was borrowed from each source?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1EA: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest...

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$13,000 was borrowed from two sources, one that charges 20% simple interest and the other that charges 8% simple interest. If
the total interest at the end of 1 year was $2120, how much money was borrowed from each source?

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