SOLUTION: rocco borrowed a total of $5000 from two student loans one loan charged 2% simple interest and the other charged 1.5% simple interest both payable after graduation if the interest

Question 1122299: rocco borrowed a total of $5000 from two student loans one loan charged 2% simple interest and the other charged 1.5% simple interest both payable after graduation if the interest he owed after 1 yr was $80 determine the amount for each loan
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Loan A=2%
Loan B=1.5%
x amount for loan A, interest is 0.02x
5000-x amount for loan B, interest is -.015 for 75-0.015x
That sum is 80
0.005x+75=80, combining the x s
0.005x=5
divide both sides by 0.005
x+$1000, and at 2%, that is $20
5000-x =$4000, and at 1.5%, that is $60
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