SOLUTION: To buy both a new car and a new house, Tina sought two loans totaling $142,511. the simple interest rate on the first loan was 1.2%, while the simple interest rate on the second lo

SOLUTION: To buy both a new car and a new house, Tina sought two loans totaling $142,511. the simple interest rate on the first loan was 1.2%, while the simple interest rate on the second lo

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Question 615959: To buy both a new car and a new house, Tina sought two loans totaling $142,511. the simple interest rate on the first loan was 1.2%, while the simple interest rate on the second loan was 4.6%. At the end of the first year, Tina paid a combined interest payment of $5457.03. What were the amounts of the two loans?
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
.012x+.046y=5457.03;
x+y=142511
x=32308.10, y=110203.00
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