Laura borrowed a total of $18000 from two different banks. one bank charged 6% simple interest and the other 7.5% simple interest. If the total interest after 2 years was $2,220 determine the amount borrowed by both banks. let x represent the principal of the loan business loan 6% then what is the remaining amount borrowed at 7.5%?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Laura borrowed a total of $18000 from two
different banks. one bank charged 6%
simple interest and the other 7.5% simple
interest. If the total interest after 2 years
was $2,220 determine the amount
borrowed by both banks. let x represent the
principal of the loan business loan 6% then
what is the remaining amount borrowed at
7.5%?
Transcribed Image Text:Laura borrowed a total of $18000 from two different banks. one bank charged 6% simple interest and the other 7.5% simple interest. If the total interest after 2 years was $2,220 determine the amount borrowed by both banks. let x represent the principal of the loan business loan 6% then what is the remaining amount borrowed at 7.5%?
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