Question 4 options:
Laura borrowed a total of $22,000 from two different banks to start a business. One bank charged the equivalent of 5% simple interest, and the other charged 6.5% simple interest. If the total interest after 3 years was $3480, determine the amount borrowed from each bank.

(part 1) Let P represent the principal on the business loan at 5%.

Then, _________ is the remaining amount borrowed at 6.5%.

(Choose the correct option listed below.)

(a) 22,000 + P
(b) 22,000 - P
(c) 22,000P

22000-P
(part 2) To build an equation, note that


Placing the appropriate values in the correct places and simplifying gives us

0.15P + 0.195(22,000 - P) = 3480.

Solve for P.

18000
(part 3) What is the amount invested at 5%? (Please do not add the $ in your answer.)

(part 4) What is the amount invested at 6.5%? (Please do not add the $ in your answer.)