# 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%?

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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