Question

Kim took out a $55,000 loan for college she is borrowing money from 2 banks bank a charges an interest rate of 8% and b charges an interest rate of 11% after one year Kim owes 5000 in interest how much money did she borrow from bank a.

Answer 1

Answer:

  $35,000

Step-by-step explanation:

Let x represent the amount borrowed from Bank A. Then (55000-x) is the amount borrowed from Bank B. Kim's total 1-year interest is ...

  0.08x + 0.11(55000 -x) = 5000

  -0.03x + 6050 = 5000 . . . . . simplify

  -0.03x = -1050 . . . . . . . . . . . . subtract 6050

  x = 35,000 . . . . . . . . . . . . . . . divide by -0.03

Kim borrowed $35,000 from Bank A.