A bank lent $260,000 to a company for development of two products. If the loan for product A was for $77,000 more than that for product B, how much was lent for each product?
A + B = 260,000
A = B + 77,000
so
B + 77,000 + B = 260,000
or
2 B = 183,000
etc
B + B + 77,000 = 260,000
2B = 183,000
B = 915,000
B = 91,500
I really appreciate the help Ms. Sue and Damon
You're very welcome.
To solve this problem, we can set up a system of equations and solve them simultaneously.
Let's assume that the loan for product B is x dollars. According to the problem, the loan for product A is $77,000 more than the loan for product B. So, the loan for product A can be represented as (x + $77,000).
Now, we know that the total loan amount is $260,000. So we can write the equation:
x + (x + $77,000) = $260,000
Now, we can simplify the equation:
2x + $77,000 = $260,000
Subtract $77,000 from both sides of the equation:
2x = $260,000 - $77,000
2x = $183,000
Divide both sides of the equation by 2:
x = $183,000 / 2
x = $91,500
Therefore, the loan for product B is $91,500. Since the loan for product A is $77,000 more than that for product B, the loan for product A is:
$91,500 + $77,000 = $168,500
So, the bank lent $91,500 for product B, and $168,500 for product A.