Edgar borrowed a total of $10,000 from three sources: the bank, his mom, and a close friend. After one year, he paid a total of $624 in simple interest toward the three loans. The bank charged an interest rate of 7% per year, his mom charged 5%, and the friend charged 6%. The amount he borrowed from his mom exceeded the amount he borrowed from his friend by $200. What amount did Edgar borrow from the bank?

Question

Yael Pratt

Mathematics

27 August, 05:30

Edgar borrowed a total of $10,000 from three sources: the bank, his mom, and a close friend. After one year, he paid a total of $624 in simple interest toward the three loans. The bank charged an interest rate of 7% per year, his mom charged 5%, and the friend charged 6%. The amount he borrowed from his mom exceeded the amount he borrowed from his friend by $200. What amount did Edgar borrow from the bank?

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Damarion Lucas · Answer 1

Let x is the amount of money he borrows from his Friend, the interest from this amount is 5% x x + 200 is the amount of money he borrows from his Mom, the interest from this amount is 6% (x+200) 10,000 - (2x+200) is the amount of money he borrows from the bank, the interest from this amount is 7% (10,000 - (2x+200) total interest is = 624, solve for x and then solve for the amount of money he borrows from the bank

just add them together and let it = 624