Question 197122: Sarah has two student loans totaling $12,000. One of loans was @6% simple interest and the other at 9%. After one year, Sarah owed over $855 in interest. What was the amount of each loan?
Thanks a bunch!
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Sarah has two student loans totaling $12,000. One of loans was @6% simple interest and the other at 9%. After one year, Sarah owed over $855 in interest. What was the amount of each loan?
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Equation:
interest + interest = 855
0.06x + 0.09(12000 - x) = 855
Multiply thru by 100 to get:
6x + 9(12000 - x) = 85500
-3x + 108000 = 85500
-3x = -22500
x = $7,500 (amt. invested at 6%)
12000 = 7500 = $4,500 (amt. invested at 9%)
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Cheers,
Stan H.
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