SOLUTION: Katherine borrowed $4000 in two loans. One loan charged 7% interest, and the other charged 1.5% interest. After 1 year, Katherine paid $225 in interest. Find the amount borrowed in
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Question 1091785: Katherine borrowed $4000 in two loans. One loan charged 7% interest, and the other charged 1.5% interest. After 1 year, Katherine paid $225 in interest. Find the amount borrowed in each loan account.
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
Let n be the amount borrowed at 7%. Then the amount borrowed at 1.5% would be 4000-n. So:
0.07n+0.015(4000-n)=225
Solve for n
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