SOLUTION: Cole’s 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 e

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: Cole’s 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 e      Log On


   

Question 466103: Cole’s 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?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
0.028x+0.045(31000-x)=1024.40
0.028x+1395-0.045x=1024.40
-0.017x=-370.60
x=$21,800 at 2.8%
31000-21800=$9,200 at 4.5%