SOLUTION: To buy both a new car and a new house, Tina sought two loans totalling $318,338.The simple interest rate on the first loan was 2.4%,while the simple interest rate on the second loa

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: To buy both a new car and a new house, Tina sought two loans totalling $318,338.The simple interest rate on the first loan was 2.4%,while the simple interest rate on the second loa      Log On


   

Question 412990: To buy both a new car and a new house, Tina sought two loans totalling $318,338.The simple interest rate on the first loan was 2.4%,while the simple interest rate on the second loan was 4.7%. At the end of the first year, Tina paid a combined interest payment of $14,761.81.What were the amounts of the two loans?
Please help me understand this problem.I am lost.I have to show the work and I don't understand. I would greatly appreciate any help.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
0.024x+0.047(318338-x)=14761
0.024x+14961.89-0.047x=14761
-0.023x=-200
x=$8,695.65 at 2.4%
318338-x=$309,642.35 at 4.7%