Question
Mr. Jackson borrowed money from his bank and on his life insurance to start a business. His interest rate on the bank loan was 10%,
Mr. Jackson borrowed money from his bank and on his life insurance to start a business. His interest rate on the bank loan was 10%, and his rate on the insurance loan was 16%. If the total amount borrowed was $100,000 and his total yearly interest payment was $12,100, how much did he borrow from the bank?
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Precalculus Real Mathematics, Real People
Authors: Ron Larson, Gaylord N Smith
6th Edition
1133714749, 9781133714743
