# 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 Algebra -> Algebra -> Customizable Word Problem Solvers -> Finance -> 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      Log On

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 Word Problems: Money, Business and Interest Solvers Lessons Answers archive Quiz In Depth

 Click here to see ALL problems on Money Word Problems 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(16868)   (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: Just solve for John