Question

Julie borrowed money to repair her home. She borrow $3000 less from her Uncle than her Aunt. The money
she borrowed from her Aunt was at 2.2% simple interest. The money she borrowed from her Uncle was at
4.5% simple interest. Julie paid the loans back in 3 years. She paid $2007 in interest. How much did Julie
borrow from her Aunt and how much from her Uncle?

Answer 1

Julie borrowed $12,000 from her aunt and $9000 from her uncle

Note the formula for simple interest = principal x time x interest rate

This question would be solved using simultaneous equation.

Two equations can be derived from the question

a - b = 3000 equation 1

(0.022 x 3 x a) + (0.045 x 3 x b) = 2007

0.066a + 0.135b = 2007 equation 2

where

a = amount borrowed from aunt

b = amount borrowed from uncle

Multiply equation 1 by 0.066

0.066a - 0.066b = 198 equation 3

subtract equation 3 from 2

0.201b = 1809

divide both sides of the equation by 0.201

b = 9000

Substitute for b in equation 1

a - 9000 = 3000

a = 9000 + 3000

a = 12,000

To learn more about simultaneous equations, please check : https://brainly.com/question/15165519?referrer=searchResults