SOLUTION: To buy both a new car and a new house, Tina sought two loans totalling $321,929. The simple interest rate on the first loan was 1.0%, while the simple interest rate on the second l

Question 562781: To buy both a new car and a new house, Tina sought two loans totalling $321,929. The simple interest rate on the first loan was 1.0%, while the simple interest rate on the second loan was 8.8%. At the end of the first year, Tina paid a combined interest payment of $25,677.83. What were the amounts of the two loans?
I think i know the answer but could someone please help me work out this problem?
Answer by KMST(5328) (Show Source): You can put this solution on YOUR website!
Let x be the price of the house and y be the price of the car

The interest on the house is .
The interest on the car is
The total interest for the first year is

Multiplying times 100 to get rid of some decimals

The equations
and
form a system of linear equations.
It could be solved several different ways.
For example, subtracting the second equation from the first one we get
which simplifies to
and dividing both sides by 7.8, we get

Substituting that into we get
-->
Tina bought a house for $33,999 and a car for $287,930.
Very strange.
RELATED QUESTIONS
To buy both a new car and a new house, Tina sought two loans totalling $191,610. The... (answered by mananth)

To buy both a new car and a new house, Tina sought two loans totalling $44,980. The... (answered by stanbon)

To buy both a new car and a new house, Tina sought two loans totalling $260,394. The... (answered by ewatrrr)

To buy both a new car and a new house, Tina sought two loans totalling $332,888. The... (answered by rfer)

To buy both a new car and a new house, Tina sought two loans totalling $191,610. The... (answered by jazzy841)

To buy both a new car and a new house, Tina sought two loans totalling $318,338.The... (answered by rfer)

To buy both a new car and a new house, Tina sought two loans totalling $78,825. The... (answered by stanbon,solver91311)

To buy both a new car and a new house, Tina sought two loans totalling $191,610. The... (answered by mananth,josmiceli)

To buy both a new car and a new house, Tina sought two loans totaling $142,511. the... (answered by richwmiller)