SOLUTION: Two bank loans, one for $5000 and the other for $3000, cost a total of $550 in interest for one year. The $5000 loan has an interest rate of 3% lower than the interest rate for the

Question 910026: Two bank loans, one for $5000 and the other for $3000, cost a total of $550 in interest for one year. The $5000 loan has an interest rate of 3% lower than the interest rate for the $3000 loan. Find the interest rate for each loan.
Here's what I have so far but when I check my solution it doesn't work out.
x(3000)+ x(5000-0.03)=550
3000x + 5000x - 0.03x=550
7999.97x = 550
x=0.0687502578
Not sure what I am doing wrong
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
We have both amts invested 5000 and 3000
we know the total interest earned 550
We know the difference in rates is 3.0%
x*5000-y*3000=550
x=y-0.03
substitute for x
(y-0.03)*5000-y*3000=550
y*5000-0.03*5000-y*3000=550
y*2000-150.0=550
y*2000=150.0+550
y*2000=700.0
y=0.35
y=35.0%
x=0.35-0.03
x=0.32
x=32.0%
check
x*5000-y*3000=550
0.32*5000-0.35*3000=550
1600.0-1050.0=550
550.0=550

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