Question

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?
A.
$2,400
B.
$3,600
C.
$5,000
D.
$5,400

Answer 1

Answer:

I believe the answer is C: $5000.

Step-by-step explanation:

From the problem, you can develop 3 equations using x, y, and z (x = bank, y = mom, z = friend):

x + y + z = 10,000

0.07x + 0.05y + 0.06z = 624

y - z = 200

Use matrices to solve and get an answer of x = 5000, y = 2600, and z = 2400. Since they ask how much money he borrowed from the bank, your answer would be the value of x, which is C. $5,000.

Hope this helped!!

Answer 2

Edgar borrow from the bank is $5,000.

What is  Equation?

In algebra, an equation can be defined as a mathematical statement consisting of an equal symbol between two algebraic expressions that have the same value.

Let us consider x represents bank, y represents mom  and z represents friend.

So, x + y + z = 10,000..............................(1)

Now, according to question:

0.07x + 0.05y + 0.06z = 624................................(2)

and,

y - z = 200..........................................(3)

Solving above three equation, we get

x = 5000, y = 2600, and z = 2400

Thus, Edgar borrow from the bank is $5,000.

Learn more about equation here:

https://brainly.com/question/953809

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