SOLUTION: Samantha�s student loans total $20,000. Part was a personal loan at 12% interest; the other was a Stafford loan at 10%. After one year the loans accumulated $2160 in interest. W

Question 338754: Samantha�s student loans total $20,000. Part was a personal loan at 12% interest; the other was a Stafford loan at 10%. After one year the loans accumulated $2160 in interest. What was the amount of each loan?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Samantha�s student loans total $20,000. Part was a personal loan at 12% interest; the other was a Stafford loan at 10%. After one year the loans accumulated $2160 in interest. What was the amount of each loan?
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Equations:
Quantity: x + y = 20,000
Interest:0.12x+0.10y = 2150
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Multiply thru the Quantity equation by 12
Multiply thru the Interest equation by 100
-----------------------------------
12x + 12y = 12*20000
12x + 10y = 215000
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Subtract the 2nd equation from the 1st and solv for "y":
2y = 25000
y = $12,500 (amt. invested at 10%)
x = 20,000-12,500 = $7,500 (amt. invested at 12%)
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Cheers,
Stan H.
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