SOLUTION: To buy both a new car and a new house, Tina sought two loans totalling $260,394. The simple interest rate on the first loan was 3.7%, while the simple interest rate on the second l

Question 465994: To buy both a new car and a new house, Tina sought two loans totalling $260,394. The simple interest rate on the first loan was 3.7%, 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 $22,611.73. What were the amounts of the two loans?
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi,

two loans totalling $260,394.

Let x and (260,394-x) represent the amount of the house and car loan respectively

Question states***

 .088x + .037(260,394-x) = 22611.73

Will let You finish it up.. 

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