Laura borrowed a total of $22,000 from two different banks to start a business. one bank charged the equivalent of 4% simple interest, and the other charged 5.5% interest. if the total interest after 1 year was $910, determine the amount borrowed from each bank.

Amount borrowed from 4% rate is $20000 and amount borrowed from 5.5% rate is $2000.

Step-by-step explanation:

Since we have given that

Total borrowed amount = $22,000

Amount borrowed at 4% rate of interest be 'x'.

Amount borrowed at 5.5% rate of interest be '22000-x'.

Number of years = 1

As we know the formula for "Simple interest":

So, Amount borrowed from 4% rate is $20000 and amount borrowed from 5.5% rate is $2000.

555.99.

step-by-step explanation:

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