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 $10,200, how much did he borrow from the bank?
A) He borrowed $10,000 from the bank.
B) He borrowed $69,600 from the bank.
C) He borrowed $100,200 from the bank.
D) He borrowed $200 from the bank.
E) He borrowed $90,000 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 $10,200, how much did he borrow from the bank? ​
A) He borrowed $10,000 from the bank.
B) He borrowed $69,600 from the bank.
C) He borrowed $100,200 from the bank.
D) He borrowed $200 from the bank.
E) He borrowed $90,000 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 $10,200, how much did he borrow from the bank? ​
A) He borrowed $10,000 from the bank.
B) He borrowed $69,600 from the bank.
C) He borrowed $100,200 from the bank.
D) He borrowed $200 from the bank.
E) He borrowed $90,000 from the bank.

Mr Jackson Borrowed Money from His Bank and on His