Iterate raster calculator operation over a pair of previous raster outputs

I am trying to create a ModelBuilder model that has to iterate a raster calculator operation over a pair of raster. I have 2 series of rasters for different sub-locations, like rasterPopulationLocation1, 2, 3 etc and rasterAreaLocation1, 2, 3 etc. I want to do a series of raster calculator operations like rasterPopulationLocation1/rasterAreaLocation1 and then rasterPopulationLocation2/rasterAreaLocation2 etc. Each operation should create a different output that I then would like to merge in a unique mosaic so final output will be a raster having the results of all these individual operations.

Is there a way to do it in ModelBuilder?

I tried to use the Iterate tool but I don't get how to make it iterate over a pair of different rasters in the same folder and to keep the id so rasterLocation1/rasterlocation1 etc.