Jenny borrowed a total of 20,000 from two different banks to start a business. One bank charged the equivalent of 6% simple interest, and the other charged 4.5% interest. If the total interest after 2 years was $2340, determine the amount borrowed from each bank.

Jenny has borrowed $18000 from bank 1 and $2000 from bank 2.

Explanation:

The simple interest is given as

Here

I is the interest value

P is the principle amount

r is the rate of interest

n is the number of years

Let the amount borrowed from the first bank is X while that of second bank is Y thus

Interest for bank 1 is given as

So the interest for the second bank is given as

As per the given condition

So the equation becomes

This is simplified as

Also the total money borrowed is given as 20,000  thus

Solving these two equations result in

X=18000, Y=2000

So Jenny has borrowed $18000 from bank 1 and $2000 from bank 2.

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