Alice took out a $15,000 loan for college. She is borrowing money from two banks. Bank A charges an interest rate of 6%, and Bank B charges an interest rate of 7%. After one year, Alice owes $960 in interest. How much money did she borrow from Bank A?

Answer 1

"0.6x + 0.7y = $960"

0.6 = 6%
0.7 = 7%

x = Bank B amount
y = Bank A amount

"x + y =$15,000 ="

Both x and y should equal $15,000 when added together.

You solve for y by solving on both sides, and you get "15,000 - x" onto the right, and "y =", on the left.

With this, you substitute in into "0.6x + 0.7y = 15,000".

This, should now look: ".06x+.07(15,000-x)=960"

Now, you solve for x, and you should be getting "x = $9,000" as your answer.

I hope this helps! :)

P.S. I got a lot of information from Y-a-h-o-o-A-n-s-w-e-r-s, but I made it into something you can understand a little better.

Answer 2

I meant to say "0.6x + 0.7y = 960" instead of "0.6x + 0.7y = 15,000"!