SOLUTION: To buy both a car and a new house, Tina sought two loans totaling $260,394.00 The simple interest rate on the first loan was 3.7% while the simple interest rate on the second loan
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Question 499496: To buy both a car and a new house, Tina sought two loans totaling $260,394.00 The simple interest rate on the first loan was 3.7% while the simple interest rate on the second loan was 8.8%. At the end of the first year, Tina paid a combined interest payment of $22,611.73. What were the amounts of the two loans?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
x + y= 260394 ------------------------1
3.70% x + 8.80% y = $22,611.73
Multiply by 100
3.7 x + 8.8 y = $2,261,173.00 --------2
Multiply (1) by -3.7
we get
-3.7 x -3.7 y = -963457.80
Add this to (2)
0 x 5.1 y = $1,297,715.20
divide by 5.1
y = $254,453.96 loan at 8.80%
Balance $5,940.04 loan at 3.70%
CHECK
$5,940.04 --------- 3.70% ------- $219.78
$254,453.96 ------- 8.80% ------- $22,391.95
Total ------- $22,611.73
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