SOLUTION: Tina has 2 credit cards that have a total balance of $32,400. One card has an interest rate of 10% and the other has an interest rate of 8%. The first year accumulated $1892 in int
Algebra.Com
Question 312892: Tina has 2 credit cards that have a total balance of $32,400. One card has an interest rate of 10% and the other has an interest rate of 8%. The first year accumulated $1892 in interest charges. How much was the loan on each credit card?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
.10x+.08(32,400-x)=1,892
.10x+2,592-.08x=1,892
.02x=1,892-2,592
.02x=-700
x=700/-.02
x=-35,000 does not fit the problem
Test
1,892/32,400=.058395 or 5.84% would be the average percent of the 2 cards.
One month of 8% for the full amount would be:
.08*32,400=$2,592 well above the charges at the end of the first year.
You must have some incorrect figures or facts.
RELATED QUESTIONS
Your credit card has a balance of $6100.00 and an annula interest rate of 12%.
You... (answered by Theo)
your credit card has a balance of $3600 and an annual interest rate of 16.5%. you decide... (answered by lynnlo)
Your Credit card has a balance of $5200 and an annual interest rate of 12%. You decide to (answered by Theo)
It’s time to go shopping! You grab your Best Purchase credit card, which has an annual... (answered by solver91311)
Hak Young has accumulated some credit card debt while he was in college. His total debt... (answered by Theo,math_tutor2020)
Your credit card has a balance of ​$6100 and an annual interest rate of 19​%. You... (answered by Theo)
Tonya Felburn owes $3,622.41 on five credit cards. She paid $20 on each of the credit... (answered by CPhill)
amelia has a balance of $1289.56 on a credit card with an annual percentage rate(APR) of... (answered by KMST)
according to an estimate, 50% of the people in the united states have at least one credit (answered by reviewermath)