SOLUTION: Cole’s two student loans totaled $31,000. One of his loans was at 2.8% simple interest and the other at 4.5%. After one year, Cole owed $1024.40 in interest. What was the amount of

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Question 389883: Cole’s two student loans totaled $31,000. One of his loans was at 2.8% simple interest and the other at 4.5%. After one year, Cole owed $1024.40 in interest. What was the amount of each loan?
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Answer by stanbon(75887) About Me  (Show Source):
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Cole’s two student loans totaled $31,000. One of his loans was at 2.8% simple interest and the other at 4.5%. After one year, Cole owed $1024.40 in interest. What was the amount of each loan?
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Equation:
interest + interest = interest
0.028x + 0.045(31000-x) = 1024.40
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Multiply thru by 1000 to get:
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28x + 45*31000 - 45x = 1000*1024
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-17x = -371000
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x = $21,823.53 (amt. invested at 2.8%
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31000-x = $9176.47 (amt. invested at 4.5%
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Cheers,
Stan H.
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