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%?

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,

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Sorry about that. What wasn’t helpful?