SOLUTION: Nick borrowed $10000, part at a 12% yearly interest rate and the rest at 14%. He paid $1310 in interest for a year. Find the amount of each loan.

SOLUTION: Nick borrowed $10000, part at a 12% yearly interest rate and the rest at 14%. He paid $1310 in interest for a year. Find the amount of each loan.

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Question 255542: Nick borrowed $10000, part at a 12% yearly interest rate and the rest at 14%. He paid $1310 in interest for a year. Find the amount of each loan.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
.12x+.14(10000-x)=1310
.12x+1400-.14x=1310
-.02x=-90
x=$4500 at 12%
$5500 at 14%
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