Question 615996: To buy both a new car and a new house, Tina sought two loans totaling $23,067. The simple interest rate on the first loan was 6.8%, while the simple interest rate on the second loan was 7.7%. At the end of the first year, Tina paid a combined interest payment of $1765.70. What were the amounts of the two loans?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! To buy both a new car and a new house, Tina sought two loans totaling $23,067. The simple interest rate on the first loan was 6.8%, while the simple interest rate on the second loan was 7.7%. At the end of the first year, Tina paid a combined interest payment of $1765.70. What were the amounts of the two loans?
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Equation:
int + int = 1765.70
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0.068x + 0.077(23067-x) = 1765.70
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Multiply thru by 1000
68x + 77*23067 - 77x = 1765700
-9x = -10459
x = $1162.11(amt. invested at 6.8%)
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23,067-x = $21904.89 (amt. invested 7.7%)
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Cheers,
Stan H.
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