SOLUTION: Hollis is paying off two student loans. One loan charges 7% interest per year. The other loan charges 9% interest per year. He owes $1500 more on the 7% loan than he does on the
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Question 203359This question is from textbook
: Hollis is paying off two student loans. One loan charges 7% interest per year. The other loan charges 9% interest per year. He owes $1500 more on the 7% loan than he does on the other. Last year he paid a total of $617 interest. How much does he owe on each loan?
This question is from textbook
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Hollis is paying off two student loans. One loan charges 7% interest per year. The other loan charges 9% interest per year. He owes $1500 more on the 7% loan than he does on the other. Last year he paid a total of $617 interest. How much does he owe on each loan?
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Let the two loan amounts be "x" and "y".
Equations:
Interest: 0.07x + 0.09y = 617
Money owed: x - y = 1500
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Rearrange:
7x + 9y = 61700
7x - 7y = 7*1500
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Subtract the 2nd from the 1st to solve for "y":
16y = 51200
y=$3200 (Amt. owed on 9% loan)
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x = y + 1500 = $4700 (Amt. owed on 7% loan)
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Cheers,
Stan H.
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