document.write( "Question 1185519: Michelle borrows a total of $6000 in student loans from two lenders. One charges 3.2% simple interest and the other charges 6.5% simple interest. She is not required to pay off the principal or interest for 2 years. However, at the end of 2 years, she will owe a total of $483 for the interest from both loans. How much did she borrow from each lender? \n" ); document.write( "

Algebra.Com's Answer #816353 by ikleyn(52802) $\"\"$ $\"About$

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\n" ); document.write( "Michelle borrows a total of $6000 in student loans from two lenders.
\n" ); document.write( "One charges 3.2% simple interest and the other charges 6.5% simple interest.
\n" ); document.write( "She is not required to pay off the principal or interest for 2 years.
\n" ); document.write( "However, at the end of 2 years, she will owe a total of $483 for the interest from both loans.
\n" ); document.write( "How much did she borrow from each lender?
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document.write( "x = the amount loaned at 6.5%.\r\n" );
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document.write( "(6000-x) = the amount loaned at 3.2%.\r\n" );
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document.write( "Now write the total simple interest equation for 2 years\r\n" );
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document.write( "    2*0.065x + 2*0.032*(6000-x) = 483.\r\n" );
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document.write( "From the equation,\r\n" );
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document.write( "    x =  = one click in my Excel spreadsheet = 1500.\r\n" );
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document.write( "ANSWER.  $1500 loaned at 6.5%, and the rest,  6000-1500 = 4500  dollars loaned at 3.2%.\r\n" );
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document.write( "CHECK.   2*0.065*1500 + 2*0.032*4500 = one click in my Excel spreadsheet = 483  dollars, correct.\r\n" );
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