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(16868) (Show Source):
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:
