SOLUTION: To buy both a new car and a new house, Tina sought two loans totalling $321,929. The simple interest rate on the first loan was 1.0%, while the simple interest rate on the second l
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-> SOLUTION: To buy both a new car and a new house, Tina sought two loans totalling $321,929. The simple interest rate on the first loan was 1.0%, while the simple interest rate on the second l
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Question 562761: To buy both a new car and a new house, Tina sought two loans totalling $321,929. The simple interest rate on the first loan was 1.0%, 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 $25,677.83. What were the amounts of the two loans?
I think i know the expression and answer but not sure how to work it out
.01x + .088(321929-x) = 25677.83
x=33,999
(321929-x)=287,930
Answer: first loan (x)=$33,999 .....second loan (321929-x)=287,930
