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Question 474632: I need help setting up this equation if someone wouldn't mind. Thank you in advance for your help.
To buy 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 payment of $25,677.83. What were the amounts of the two loans?
Answer by ankor@dixie-net.com(22740)   (Show Source):
You can put this solution on YOUR website! To buy a new car and a new house, Tina sought two loans totaling $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 payment of $25,677.83.
What were the amounts of the two loans?
:
This must assume that you only paid the interest on the two loans, no principal.
:
Let x = amt of the 1st loan
then
(321929-x) = amt of the 2nd loan
:
Write a total interest equation
.01x + .088(321929-x) = 25677.83
Find x
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