SOLUTION: Can someone help me how to slove this problem step by step. "John took out two loans totaling $6,000 to help pay for college expenses. One loan was at 8% simple interest, and the o
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Question 233367: Can someone help me how to slove this problem step by step. "John took out two loans totaling $6,000 to help pay for college expenses. One loan was at 8% simple interest, and the other was at 10%. After one year, the student owed $740 in interest. Find the amount of the loan at 10%.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Let 
represent the amount at 10%. Then 
must be the amount at 8%. The amount of interest attributable to the 10% loan would then be 
and the amount of interest attributable to the 8% loan would be )
. The sum of these two interest amounts is $740, so:
\ =\ 740)
Just solve for
John
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