SOLUTION: A student takes out two loans, totaling $4000. One loan is at 6% interest, the other at 5% interest. the interest for one year is $215. what is the amount of each loan?
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Question 715502: A student takes out two loans, totaling $4000. One loan is at 6% interest, the other at 5% interest. the interest for one year is $215. what is the amount of each loan? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Part I 6.00% per annum ---x
Part II 5.00% per annum ---y
Total investment
x + y= 4000 -------------1
Interest on both investments
6.00% x + 5.00% y= 215
Multiply by 100
6 x + 5 y= 21500.00 --------2
Multiply (1) by -6
we get
-6 x -6 y= -24000.00
Add this to (2)
0 x -1 y= -2500
divide by -1
y = 2500
Part I 6.00% $ 1500
Part II 5.00% $ 2500
