SOLUTION: Partners in a business agreed to take out 2 loans totaling $35000. The yearly interest rates were 12% and 15% and the total yearly interest was $4650. Find the amount of each loan

Question 62082: Partners in a business agreed to take out 2 loans totaling $35000. The yearly interest rates were 12% and 15% and the total yearly interest was $4650. Find the amount of each loan.

Answer by 303795(602) (Show Source): You can put this solution on YOUR website!
Partners in a business agreed to take out 2 loans totaling $35000. The yearly interest rates were 12% and 15% and the total yearly interest was $4650. Find the amount of each loan.
Let the amount of the loan taken out by the first person be x. The amount taken out by the second person is the rest of the 35000 ie 35000 - x.
The interest paid by the first person must be .
The interest paid by the second person must be
The total interest paid will be
Multiply both sides of the equation by 100
Multiply out the
Collate like terms
Subtract 525000 from each side

Divide each side by -3

x= $20 000 The rest of the $35 000 loan is held by the second person ie $15 000.

So the first person has a loan of $20 000 and the second person has a loan of $15 000.
RELATED QUESTIONS
Partners in a busness agreed to take out two loans totaling $35000. The yearly interest... (answered by tutorcecilia)

Last year, a women's professional organization made two small-business loans totaling... (answered by Boreal)

Three partners A,B and C agreed to share their annual net profit in the ratio 2 3 5. In a (answered by Theo)

A business has two loans totaling $85,000. One loan has a rate of 6% and the other has a... (answered by ikleyn)

A company obtained two loans totaling $30,000. The interest rate for one loan was 16... (answered by mananth)

A man borrowed rs. 35000 for one-year. One part of it was taken at the rate of 12% p.a.... (answered by mananth)

help I am stuck on this question A financial institution offers personal loans with... (answered by Boreal)

To buy both a new car and a new house, Tina sought two loans totaling $319,531. The... (answered by Theo)

To buy both a car and a new house, Tina sought two loans totaling $260,394.00 The simple... (answered by mananth)