Question 192972: A college used a $9000 give from an alumnus to make 2 students loans. the first was at 4% annual interest to an accounting major. The second was as 6% annual interest to a nursing student. If the college collected $470 in interest the first year, how much was loaned to each student? I=prt
Answer by bhayzone(8)   (Show Source):
You can put this solution on YOUR website! Create equations from the given info.
Let,
A = loan amount to 1st student,
B = loan amount to 2nd student,
X+Y = 9000 ------------- EQ1
Also, we know the annual interest rates and that the total interest collected in one year is 470
A*4% + B*6% = 470
0.04A + 0.06B = 470
4A + 6B = 47000
2A + 3B = 23500 --------- EQ2
Solve EQ1 and EQ2 for A and B
Answer: A=3500, B=5500
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