document.write( "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? \n" ); document.write( "

Algebra.Com's Answer #337760 by mananth(16946) $\"\"$ $\"About$

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x + y= 260394 ------------------------1
\n" ); document.write( "3.70% x + 8.80% y = $22,611.73
\n" ); document.write( "Multiply by 100
\n" ); document.write( "3.7 x + 8.8 y = $2,261,173.00 --------2
\n" ); document.write( "
\n" ); document.write( "Multiply (1) by -3.7
\n" ); document.write( "we get
\n" ); document.write( "
\n" ); document.write( "-3.7 x -3.7 y = -963457.80
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\n" ); document.write( "Add this to (2)
\n" ); document.write( "
\n" ); document.write( "0 x 5.1 y = $1,297,715.20
\n" ); document.write( "
\n" ); document.write( "divide by 5.1
\n" ); document.write( "
\n" ); document.write( "y = $254,453.96 loan at 8.80%
\n" ); document.write( "Balance $5,940.04 loan at 3.70%
\n" ); document.write( "CHECK
\n" ); document.write( "$5,940.04 --------- 3.70% ------- $219.78
\n" ); document.write( "$254,453.96 ------- 8.80% ------- $22,391.95
\n" ); document.write( "Total ------- $22,611.73
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