Michelle borrows a total of
So, Michelle borrowed
Step 1 :Let's denote the amount borrowed from the lender who charges
Step 2 :From the problem, we know that the total amount borrowed is $8000, so we have the equation
Step 3 :Also, the total interest owed after 3 years is $1113. Since the interest is calculated using the formula
Step 4 :We can solve this system of equations using substitution or elimination method. Let's use the substitution method. We can express
Step 5 :Substituting
Step 6 :Solving this equation for
Step 7 :Substituting
Step 8 :So, Michelle borrowed