Write an equation that models the relationship between the amounts loaned from each bank.
Write an equation that models the relationship between the amounts loaned from each bank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Eliza is taking out student loans from two banks. The first bank offers 3% APR compounded annually. The second bank offers 4% APR compounded annually. Eliza took out a combined total of $18000 in loans and the total interest for the first year was $625.
- Let x represent the amount of money loaned at 3%. Let y represent the amount loaned at 4%.
- i. We want to form a system of equations to model this situation.
- ii. Write an equation that models the relationship between the amounts loaned from each bank.
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