Anyone good at maths?

Question

I forgot how to do this question because i havnt done it in a while

-A person borrows $40 000, some of it from a bank and the rest from a finance company. The bank charges 12% per annum and the finance company charges 15% per annum. The person does not repay any of the loan in the first year and the intrest bill for the first year totalled $5160. How much had the person borrowed from each institution?

Answer 1

Solve two simultaneous equations:

B is the amount from the bank

F is the amount from the finance company

B + F = 40,000

(0.12 x B) + (0.15 x F) = 5160

Answer 2

600 dollars.

Answer 3

That's pretty easy mathematics.  Obviously, 12% X 28,000 = 3,360 and  15% X 12,000 = 1,800.  3,360 + 1,800 = 5,160.

Any other maths questions, email me if you wish.

Cheers,  Graham.