SOLUTION: A student takes out two loans, one at 5% interest and the other at 6% interest. The 5% loan is $1000 more than the 6% loan, and the total interest for 1 year is $215. How much is
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Question 520138: A student takes out two loans, one at 5% interest and the other at 6% interest. The 5% loan is $1000 more than the 6% loan, and the total interest for 1 year is $215. How much is each loan?
Answer by Maths68(1474) (Show Source): You can put this solution on YOUR website!
Let
Loan taken on 6% = x
Loan taken on 5% = x + 1000
Given
Total interest = 215
x*6% + (x+1000)*5% = 215
x*(6/100) + (x+1000)*(5/100) = 215
Multiply by 100 both sides
x*6 + (x+1000)*5=215*100
6x+5x+5000=21500
11x=21500 - 5000
11x=16500
11x/11=16500/11
x=1500
Loan taken on 6% = x = $1500
Loan taken on 5% = x + 1000 = 1500+1000 = $2500
Check
=====
1500 * 6/100 + 2500 * 5/100 = 215
15*6+25*5 = 215
90+125=215
215=215
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