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A raging alchoholic borrowed a total of $4000 from two loan

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A raging alchoholic borrowed a total of $4000 from two loan [#permalink] New post 12 Jan 2004, 14:26
A raging alchoholic borrowed a total of $4000 from two loan sharks. He paid interest at the rate of 5% p.a. to one of them and 7% p.a. to the other. If the total interest he paid for three years was $696, how much did he borrow at each rate?

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 [#permalink] New post 12 Jan 2004, 14:48
@ 5% - $2400
@ 7% - $1600

x+y = 4000
3(.05x+.07y) = 696

Solve these two equations to get the result.
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 [#permalink] New post 12 Jan 2004, 18:59
got the same but i used Mixtures & Allegations concept
  [#permalink] 12 Jan 2004, 18:59
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A raging alchoholic borrowed a total of $4000 from two loan

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