SOLUTION: To buy both a new car and a new house, Tina sought two loans totalling $332,888. The simple interest rate on the first loan was 8.9%, while the simple interest rate on the second l
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Question 466810: To buy both a new car and a new house, Tina sought two loans totalling $332,888. The simple interest rate on the first loan was 8.9%, while the simple interest rate on the second loan was 6.0%. At the end of the first year, Tina paid a combined interest payment of $20,230.51. What were the amounts of the two loans? Answer by rfer(16322) (Show Source):
You can put this solution on YOUR website! 0.089x+0.06(332888-x)=20230.51
0.089x+19973.28-0.06x=20230.51
0.029x=257.23
x=257.23/0.029
x=8870 at 8.9%
332888-8870=324018 at 6%
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