SOLUTION: michelle borrows a total of 3000 from two lenders. one charges 4.6% simple interest the other 6.6% simple interest. she doesn't have to pay back for 4 years. at the end of 4 years

Question 980818: michelle borrows a total of 3000 from two lenders. one charges 4.6% simple interest the other 6.6% simple interest. she doesn't have to pay back for 4 years. at the end of 4 years she will owe 592 for interest for both. How much did she borrow from each lender

Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
x is 4.6%
3000-x is 6.6%
4{.046x)+(.066)(3000-x)}=592
{.046x)+(.066)(3000-x)}=148
.046x+198-0.066x=148
-0.02x= -50
multiply both by (-50)
x=2500
3000-x=500
2500*(.046)=115
500(.066)=33
Total is $148 per year
$592 in 4 years
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