Question 1011131: cole's two student loans totaled $31,000. One of his loans was 2.8% simple interest and the other was 4.5%. After one year, Cole owed 1024.40 in interest. What was the amount of each loan?
Found 2 solutions by josgarithmetic, MathTherapy:
Answer by josgarithmetic(39620)   (Show Source):
You can put this solution on YOUR website! x at 2.8%
y at 4.5%
Do the substitution and solve first for x......
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CONFUSION REPORTED:
Do you understand percents?
Do you understand "simple interest"?
Do you understand or can figure how to form the the two equations shown in the system of equations?
Have you learned how to solve a system of two simultaneous linear equations in two unknown variables?
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One equation accounts for the amount of money borrowed. The other equation accounts for the amount of interest due for the borrowed money.
Answer by MathTherapy(10552)  (Show Source):
You can put this solution on YOUR website!
cole's two student loans totaled $31,000. One of his loans was 2.8% simple interest and the other was 4.5%. After one year, Cole owed 1024.40 in interest. What was the amount of each loan?
Let amount of the 2.8% simple-interest loan, be T
Then amount of the 4.5% simple-interest loan = 31,000 - T
After 1 year, simple interest on 2.8% loan = .028T
After 1 year, simple interest on 4.5% loan = .045(31,000 - T)
Since both simple interest amounts sum to $1,024.40, we can say that:
.028T + .045(31,000 - T) = 1,024.4
0.28T + 1,395 - .045T = 1,024.4
.028T - .045T = 1,024.4 - 1,395
- .017T = - 370.6
T, or amount of 2.8%-interest loan =  , or 
Amount of 4.5%-interest loan = $31,000 - 21,800, or 
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