# 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

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 Click here to see ALL problems on Finance 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(57307)   (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? ---------------------------- Equations: Quantity: x + y = 20,000 Interest:0.12x+0.10y = 2150 ----------------------------------- Multiply thru the Quantity equation by 12 Multiply thru the Interest equation by 100 ----------------------------------- 12x + 12y = 12*20000 12x + 10y = 215000 -------------------------- 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%) ==================================================== Cheers, Stan H.