SOLUTION: Please help me solve this problem: Suppose that you have two student loans, one that charges 3% interest, and the other chargers 5% interest. Last year, you paid a total of $185 in

Question 806130: Please help me solve this problem: Suppose that you have two student loans, one that charges 3% interest, and the other chargers 5% interest. Last year, you paid a total of $185 in interest. If you owe $500 less on the 3% loan than you do on the 5% loan, how much do you owe each loan?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Please help me solve this problem: Suppose that you have two student loans, one that charges 3% interest, and the other chargers 5% interest. Last year, you paid a total of $185 in interest. If you owe $500 less on the 3% loan than you do on the 5% loan, how much do you owe each loan?

Loan I -----------3%---------------amount--------------x
Loan II------------5%------------amount---------------(x+500)
Total interest = 185
3%x+5%(x+500)=185
multiply by 100
3x+5(x+500)=18500
3x+5x+2500=18500
8x= 18500-2500
8x=16000
/8
x=2000 on 3%
2500 @ 5%
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