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 12%. If the total amount borrowed was $100,000 and his total yearly interest payment was $11,400, how much did he borrow from the bank?
A)He borrowed $70,000 from the bank.
B)He borrowed $7,200 from the bank.
C)He borrowed $41,400 from the bank.
D)He borrowed $58600 from the bank.
E)He borrowed $30,000 from the bank.

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%, and his rate on the insurance loan was 12%. If the total amount borrowed was $100,000 and his total yearly interest payment was $11,400, how much did he borrow from the bank? ​
A)He borrowed $70,000 from the bank.
B)He borrowed $7,200 from the bank.
C)He borrowed $41,400 from the bank.
D)He borrowed $58600 from the bank.
E)He borrowed $30,000 from the bank.

Quizplus · Accepted Answer

The Answer of 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 12%. If the total amount borrowed was $100,000 and his total yearly interest payment was $11,400, how much did he borrow from the bank? ​
A)He borrowed $70,000 from the bank.
B)He borrowed $7,200 from the bank.
C)He borrowed $41,400 from the bank.
D)He borrowed $58600 from the bank.
E)He borrowed $30,000 from the bank.

Mr Jackson Borrowed Money from His Bank and on His