Question 548945: To buy both a new car and a new house, Tina sought two loans totalling $191,610. The simple interest rate on the first loan was 6.3%, while the simple interest rate on the second loan was 8.8%. At the end of the first year, Tina paid a combined interest payment of $16,681.66. What were the amounts of the two loans?
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Found 2 solutions by mananth, josmiceli:
Answer by mananth(16946)   (Show Source):
You can put this solution on YOUR website! Fund A 6.30% per annum ---x
Fund B 8.80% per annum ---y
x+y=191610 ------------------------1
6.30%x+ 8.80%y= =$16,681.66
Multiply by100
6.3x+8.8y=$1,668,166.00 --------2
Multiply (1) by -6.3
we get
-6.3x-6.3y=-1207143.00
Add this to (2)
0x+2.5y=$461,023.00
divide by2.5
y = $184,409.20 investment at 8.80%
Balance $7,200.80 investment at 6.30%
CHECK
$7,200.80 --------- 6.30% ------- $453.65
$184,409.20 ------- 8.80% ------- $16,228.01
Total -------------- $16,681.66
m.ananth@hotmail.ca
Answer by josmiceli(19441)  (Show Source):
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