# Laura borrowed a total of $18,000 from two different ba to start a business. One bank charged the equivalent of 6% simple interest, and the other charged 7.5% interest. If the total interest after 2 years was$2220, determine the amount borrowed from each bank.

Question
Equations and inequalities
Laura borrowed a total of $18,000 from two different ba to start a business. One bank charged the equivalent of 6% simple interest, and the other charged 7.5% interest. If the total interest after 2 years was$2220, determine the amount borrowed from each bank.

2021-02-26
Let x be the amount invested at 6% so that 18000-x is the amount invested at 7.5% both in dollars.
The total interest in 2 years is $2220 so we can write: 0.06x(2)+0.0075(18000-x)(2)=2220 Solve for x: 0.12x+2700-0.15x=2220 -0.03x+2700=2220 -0.03x=-480 $$\displaystyle{x}=-\frac{{480}}{{-{{0.03}}}}$$ x=16000 So, the amounts borrowed are: Bank at $$\displaystyle{6}\%\to\{16000}$$ Bank at $$\displaystyle{7.5}\%\to{2000}$$ ### Relevant Questions asked 2020-10-28 Eric borrowed a total of$4000 from two student loans. One loan charged 5% simple interest and the other charged 4.5% simple interest, both payable after graduation. If the interest he owed after 3 years was $547.50, determine the amount of principal for each loan. asked 2020-10-23 Chuck receives loans totaling$12,000 from two ba
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