# Laura borrowed a total of $22,000 from two different banks to start a business. One bank charged

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## Question:

Laura borrowed a total of $22,000 from two different banks to start a business. One bank charged the equivalent of 4% simple interest, and the other charged 5.5% interest. If the total interest after 1 year was $910, determine the amount borrowed from each bank.

**Related Book For**

## Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill