Explanation Given information: The total amount borrowed by Troy is $ 12 , 000 . The total interest in one year is $ 810 . Formula used: Simple interest can be calculated using the following formula: I = P r t Here, I is the simple interest, P is the principal amount, r is the rate of annual interest and t is the time in years. The substitution method can be used to solve a system of equations by using the following steps: Step 1: Express one variable in terms of another from one equation. Step 2: Substitute the expression derived in the previous step into the second equation. Step 3: Solve the derived equation for second variable. Step 4: Substitute the value of second variable derived in the previous step into the first equation for first variable Calculation: Let the amount borrowed by Troy at 9 % rate and 6 % rate be x and y respectively. Calculate the interest after one year at 9 % rate as follows: I 9 % = P r t = x ( 0.09 ) ( 1 ) = 0.09 x Calculate the interest after one year at 6 % rate as follows: I 6 % = P r t = y ( 0.06 ) ( 1 ) = 0.06 y Express the given relationship between the amounts in terms of variables as follows: The total amount borrowed by Troy is $ 12 , 000 gives first equation x + y = 12 , 000 ………… (1) The total interest in one year is $ 810 , interest after one year for 9 % rate is 0.09 x and interest after one year for 6 % rate is 0

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ISBN: 9781259616754

Author: Julie Miller, Molly O'Neill, Nancy Hyde

Publisher: McGraw-Hill Education

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Chapter 4.4, Problem 17PE

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To calculate: The amount borrowed by Troy at 9% rate and 6% rate, if the total amount borrowed by Troy is $12,000, the total interest in one year is $810.

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Chapter 4.4, Problem 16PE

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The amount borrowed by Troy at 9 % rate and 6 % rate, if the total amount borrowed by Troy is $ 12 , 000 , the total interest in one year is $ 810 .

Solution Summary: The author explains how the substitution method can be used to solve a system of equations by using the following steps:

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To calculate: The amount borrowed by Troy at 9% rate and 6% rate, if the total amount borrowed by Troy is $12,000, the total interest in one year is $810.

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