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%

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,

Step 3

Solve the equation to ge...

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