Posted by Rigby on Wednesday, January 30, 2013 at 4:38am.
a man borrowed $85,000 of wich he pays a part of at 9% interest and the rest at 12% if his total interest payment is $9300 per year how much did he borrow at each rate of interest ?

Math  drwls, Wednesday, January 30, 2013 at 5:49am
Let X = the amount borrowed at 9% interest
let Y = the amount borrowed at 12% interest.
Here is what you know:
X + Y = 85,000
0.09 X + 0.12 Y = 9,300
Now solve those two simultaneous equations. One easy way is to multiply both sides of the first equation by 0.09.
0.09 X+ 0.09 Y = 7,650
Now subtract that from the second equation to eliminate the X variable.
0.03 Y = 1650
Y = 55,000
X = 30,000
Answer This Question
Related Questions
 Math  Interest is a concept familiar to most people: every credit card in ...
 math  Model this situation w/ a linear system: Melissa borrowed $10, 000 for ...
 finance  uconn has issued a 10 year $5,000,000 bond with semi annual interest ...
 accounting  uconn has issued a 10 year $5,000,000 bond with semi annual ...
 Math  A customer purchased a car and financed $16,000. The customer borrowed ...
 math  Michael has a total of $2000 on deposit with two saving institutions. One...
 Math  Interest is a concept familiar to most people: every credit card in ...
 Math  Interest is a concept familiar to most people: every credit card in ...
 algebra  an individual has two low interest loans, one at 4% interest and the ...
 math  Formulate but do not solve the problem. Michael Perez has a total of $...
More Related Questions