Add up the interest owed to each bank:
.16(a-150)+.17a = 279.60
a = 920
So, she owes
$920 to artic
$770 to party
.16(a-150)+.17a = 279.60
a = 920
So, she owes
$920 to artic
$770 to party
Let's assume Jessica owes x dollars to Party Bank. According to the information, she owes Artic Bank $150 more than Party Bank.
Hence, the amount Jessica owes to Artic Bank would be x + $150.
Now, we know that Party Bank charges 16% simple interest per year, and Artic Bank charges 17% per year. The yearly interest charge Jessica needs to pay is $279.60.
Using the formula for simple interest, the interest charged by Party Bank would be:
Amount of interest charged by Party Bank = (16/100) * x
And the interest charged by Artic Bank would be:
Amount of interest charged by Artic Bank = (17/100) * (x + $150)
According to the given information, the total interest charge Jessica needs to pay is $279.60. So we can set up the following equation:
(16/100) * x + (17/100) * (x + $150) = $279.60
To solve this equation and find the value of x, we can simplify it:
(16/100) * x + (17/100) * x + (17/100) * $150 = $279.60
Solving this equation will give us the value of x, which is the amount Jessica owes to Party Bank before interest charges.