Mathematics, 24.08.2021 08:50, animationfusion

Laura borrowed a total of $21,000 from two different banks to start a business. One bank charged the equivalent of 5% simple interest, and the other charged 6.5% interest. If the total interest after 3 years was $3240, determine the amount borrowed from each bank.

Let x represent the principal on the business loan at 5%.
Then, (ID is
he
remaining amount borrowed at 6.5%
X

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Laura borrowed a total of $21,000 from two different banks to start a business. One bank charged the...