Question 234392: A student took out two loans totaling $10,000 to help pay for college expenses. One loan was at 8% simple interest, and the other was at 10%. After one year, the student owed $840 in interest. Find the amount of the loan at 10%.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! A student took out two loans totaling $10,000 to help pay for college expenses. One loan was at 8% simple interest, and the other was at 10%. After one year, the student owed $840 in interest. Find the amount of the loan at 10%.
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Interest Equation: 0.10x + 0.08(10,000-x) = 840
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Multiply thru by 100 to get:
10x + 8*10,000 - 8x = 84000
2x = 4000
x = $2000 (amount invested at 10%)
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Cheers,
Stan H.
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