Given That A Randomly Chosen Card From A Standard Deck Of 52 Cards Is Lessthan 7, What Is The Probability

Considering the interest on each amount, the amount borrowed from the first bank is $6,000 and from the second bank is $14,000.

How to Solve a Problem involving Simple Interest?

Let’s call the amount borrowed from the first bank “x” and the amount borrowed from the second bank “y”. We know that:

x + y = $20,000 (the total amount borrowed)

We also know that the total interest paid is $1845 and the interest rate for the first bank is 3% and the interest rate for the second bank is 3.5%

To find the interest paid by each bank, we can use the formula for simple interest:

Interest = Principal x Interest Rate x Time (in years)

From the first bank, we can calculate the Interest paid as:

x * 0.03 * 3 = 0.09x

From the second bank, we can calculate the Interest paid as:

y * 0.035 * 3 = 0.1025y

We know that the sum of the interest paid from the two banks is $1845

0.09x + 0.1025y = 1845

We know that the sum of the amount borrowed from the two banks is $20,000

x+y = 20000

so we have two equations:

0.09x + 0.1025y = 1845

x + y = 20000

We can solve this using the method of elimination or substitution.

x = (1845 – 0.1025y)/0.09

and then substitute it to the second equation

(1845 – 0.1025y)/0.09 + y = 20000

Solving the equation we get y = $14,000 and x = $6,000

So the amount borrowed from the first bank is $6,000 and from the second bank is $14,000.

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