SOLUTION: Two bank loans, one for $5000 and the other for $3000, cost a toatl of$550 in interest for one year. The $5000 loan has an interest rate 3% lower than the interest rate for the $30

Question 503241: Two bank loans, one for $5000 and the other for $3000, cost a toatl of$550 in interest for one year. The $5000 loan has an interest rate 3% lower than the interest rate for the $3000 loan. Find the interest rate for each loan.
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
$3,000.00 --------- x%
$5,000.00 -------- x% -3.00%
$3,000.00*x%+$5,000.00(x-3.00%)=550
30 x+ 50 x -150.00 = 550
80 x = 700
x= 8.75 % on $3000
5.75% on $5000

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