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Jenny borrowed a total of $18.000 from two different banks to start a business. One bank charged the equivalent of 6% simple interest, and the other charged 2.5% simple interest. If the total interest after 2 years was $2020, determine the amount borrowed from each bank.Jenny borrowed $x at 6%?Jenny borrowed $Y at 2.5%?

Question

Jenny borrowed a total of $18.000 from two different banks to start a business. One bank charged the equivalent of 6% simple interest, and the other charged 2.5% simple interest. If the total interest after 2 years was $2020, determine the amount borrowed from each bank.

Jenny borrowed $x at 6%?

Jenny borrowed $Y at 2.5%?

check_circleAnswer
Step 1

Given,

Jenny borrowed a total of $18.000 from two different banks to start a business. One bank charged the equivalent of 6% simple interest, and the other charged 2.5% simple interest and the total interest after 2 years was $2020.

Step 2

Let jenny borrowed $x from the first bank.

Then he must borrow $(18000 - x) from the other bank, because total amount borrowed by him is $18,000.

Step 3

Then,

 ...

"simple interset P-TXR
100
xx2x6 (18000- x)x2x 2.5 0
+
100
100
12x 5(18000 x
2020
100
12x 90000-5x = 202000
7x 112000
x16,000
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"simple interset P-TXR 100 xx2x6 (18000- x)x2x 2.5 0 + 100 100 12x 5(18000 x 2020 100 12x 90000-5x = 202000 7x 112000 x16,000

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