Question:
Mr. Jackson borrowed money from his bank and on his life
Last updated: 7/18/2022
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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 16%. If the total amount borrowed was $100,000 and his total yearly interest payment was $12,100, how much did he borrow from the bank?