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

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Senior Manager
Joined: 30 Aug 2003
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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?
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Pls include reasoning along with all answer posts.
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Senior Manager
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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.

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Manager
Joined: 26 Dec 2003
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12 Jan 2004, 19:59
got the same but i used Mixtures & Allegations concept

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12 Jan 2004, 19:59
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