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# A raging alchoholic borrowed a total of $4000 from two loan  post reply Question banks Downloads My Bookmarks Reviews Important topics Author Message Senior Manager Joined: 30 Aug 2003 Posts: 329 Location: BACARDIVILLE Followers: 1 Kudos [?]: 21 [0], given: 0 A raging alchoholic borrowed a total of$4000 from two loan [#permalink]

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12 Jan 2004, 15:26
This topic is locked. If you want to discuss this question please re-post it in the respective forum.

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?
_________________

Pls include reasoning along with all answer posts.
****GMAT Loco****
Este examen me conduce jodiendo loco

Senior Manager
Joined: 05 May 2003
Posts: 424
Location: Aus
Followers: 2

Kudos [?]: 10 [0], given: 0

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12 Jan 2004, 15:48
@ 5% - $2400 @ 7% -$1600

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

Solve these two equations to get the result.
Manager
Joined: 26 Dec 2003
Posts: 227
Location: India
Followers: 1

Kudos [?]: 3 [0], given: 0

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12 Jan 2004, 19:59
got the same but i used Mixtures & Allegations concept
12 Jan 2004, 19:59
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