Laura borrowed a total of $25,000 from two different banks to start a business. One bank charged the equivalent of 5% simpleinterest, and the other charged 6.5% interest. If the total interest after 2 years was $2620, determine the amount borrowed fromeach bank.Part: 0/4Part 1 of 4Let x represent the principal on the business loan at 5%.Then, 1625 ) is the remaining amount borrowed at 6.5%.

Total money borrowed=$25000first bank chaged 5% simple interest.second bank charged 6.5%…

Answered: Laura borrowed a total of $25,000 from…

Algebra for College Students

10th Edition

ISBN:9781285195780

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter11: Systems Of Equations

Section11.CR: Review Problem Set

Problem 41CR

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