Explanation Given: A consumer received a two year loan totaling $10,000 at interest rates 10% and 15%. The consumer paid $1300 interest. Unknown facts: Let x denote the amount that was borrowed at 10% and y denote the amount that was borrowed at 15%. Relationships: As the consumer received a two year loan totaling $10,000 at interest rates 10% and 15% that is, x + y = 10 , 000 . The consumer paid $1300 interest that is, 0.1 x + 0.15 y = 1300 . Estimation: If the total amount were invested at 15%, the interest would be 0.15 × 10 , 000 = 1500 . Since the interest paid by the consumer is $1300, most of the money was borrowed at the rate of 15%. Calculation: Consider the two equations x + y = 10 , 000 and 0.1 x + 0.15 y = 1300 . Rewrite the first equation x + y = 10 , 000 as follows. x + y = 10 , 000 x = 10 , 000 − y Substitute x = 10 , 000 − y in 0.1 x + 0.15 y = 1300 as, 0

Mylab Math With Pearson Etext -- Standalone Access Card -- For College Mathematics For Trades And Technologies (10th Edition) (my Math Lab)

10th Edition

ISBN: 9780134880402

Author: Hobbs, Margie; Cleaves, Cheryl

Publisher: PEARSON

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Chapter 10.4, Problem 8E

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The amount of money that was borrowed at each rate.

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Chapter 10.4, Problem 7E

Chapter 10.4, Problem 9E

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Mylab Math With Pearson Etext -- Standalone Access Card -- For College Mathematics For Trades And Technologies (10th Edition) (my Math Lab)

Ch. 10.1 - Is the point (−1, 6) on the graph of the equation...Ch. 10.1 - Prob. 1E Ch. 10.1 - Prob. 2E Ch. 10.1 - Solve the systems of equations by graphing. See...Ch. 10.1 - Prob. 4E Ch. 10.1 - Prob. 5E Ch. 10.1 - Prob. 6E Ch. 10.1 - Prob. 7E Ch. 10.1 - Solve the systems of equations by graphing. See...Ch. 10.1 - Prob. 9E

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