SOLUTION: I need math help :/ Stacey's student loan totaled $12000. One of her loans was at 6.5% simple interest and the other at 7.2%. After one year, Stacey owed 811.50 in interest. What w
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Question 738553: I need math help :/ Stacey's student loan totaled $12000. One of her loans was at 6.5% simple interest and the other at 7.2%. After one year, Stacey owed 811.50 in interest. What was the amount of each loan?I don't understand! Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Part I 6.50% per annum ------------- Amount invested =x
Part II 7.20% per annum ------------ Amount invested = y
12000
Interest----- 811.50 for one year
Total investment
x + y= 12000 -------------1
Interest on both investments
6.50% x + 7.20% y= 811.5
Multiply by 100
6.5 x + 7.2 y= 81150.00 --------2
Multiply (1) by -6.5
we get
-6.5 x -6.5 y= -78000.00
Add this to (2)
0 x 0.7 y= 3150
divide by 0.7
y = 4500
Part I 6.50% $ 7500
Part II 7.20% $ 4500
