document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=203359>Question 203359</A>This question is from textbook <A HREF=http://www.amazon.com/exec/obidos/ASIN/9780741913654/algebrahomeworkh></A><BR>\n" );
document.write( ": <I><SPAN STYLE=\"word-break: break-all;\"> Hollis is paying off two student loans.  One loan charges 7% interest per year.  The other loan charges 9% interest per year.  He owes $1500 more on the 7% loan than he does on the other.  Last year he paid a total of $617 interest.  How much does he owe on each loan? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #153427 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=153427\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Hollis is paying off two student loans. One loan charges 7% interest per year. The other loan charges 9% interest per year. He owes $1500 more on the 7% loan than he does on the other. Last year he paid a total of $617 interest. How much does he owe on each loan?<BR>\n" );
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document.write( "Let the two loan amounts be \"x\" and \"y\".<BR>\n" );
document.write( "Equations:<BR>\n" );
document.write( "Interest: 0.07x + 0.09y = 617<BR>\n" );
document.write( "Money owed: x - y = 1500\r<BR>\n" );
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document.write( "Rearrange:<BR>\n" );
document.write( "7x + 9y = 61700<BR>\n" );
document.write( "7x - 7y = 7*1500<BR>\n" );
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document.write( "Subtract the 2nd from the 1st to solve for \"y\":<BR>\n" );
document.write( "16y = 51200<BR>\n" );
document.write( "y=$3200 (Amt. owed on 9% loan)<BR>\n" );
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document.write( "x = y + 1500 = $4700 (Amt. owed on 7% loan)<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );