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Elsa  borrowed a total of $19,000 from two different banks to start a business. one bank charges the equivalent of 5% simple interest, and the other charged 1.5% interest. If the total interest after three years  was $2640, determine the amount borrowed from each bank.    Elsa borrowed how much at 5% and how much at 1.5%

Question

Elsa  borrowed a total of $19,000 from two different banks to start a business. one bank charges the equivalent of 5% simple interest, and the other charged 1.5% interest. If the total interest after three years  was $2640, determine the amount borrowed from each bank.    Elsa borrowed how much at 5% and how much at 1.5% 

check_circleAnswer
Step 1

Refer to the question, Elsa  borrowed a total of $19,000 from two different banks to start a business.

Let x be the money she borrowed from one of the bank at 5% simple interest then (19000-x) is borrowed at 1.5% simple interest.

Step 2

Now the total interest after three years  was $2640.

That is,

SI after 3 years at 5%
rx 5x 3
100
15x
100
(19000 x)x1.5x 3
SI2
100
4.5(19000-x
100
Now
15x 4.519000-x) = 2640
SI, SI
100
100
help_outline

Image Transcriptionclose

SI after 3 years at 5% rx 5x 3 100 15x 100 (19000 x)x1.5x 3 SI2 100 4.5(19000-x 100 Now 15x 4.519000-x) = 2640 SI, SI 100 100

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Step 3

Solve the equation to ge...

4.5(19000-x) - 2640
15x
100
100
15r85500 4.5.x 264000
10.5.r 264000-85500
10.5x 178500
x 17000
help_outline

Image Transcriptionclose

4.5(19000-x) - 2640 15x 100 100 15r85500 4.5.x 264000 10.5.r 264000-85500 10.5x 178500 x 17000

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