SOLUTION: Jonathan borrowed $4000 in two loans. One loan charged 7% interest, and the other charged 1.5% interest. After 1 yr, Jonathan paid $225 in interest. Find the amount borrowed in eac
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Question 702747: Jonathan borrowed $4000 in two loans. One loan charged 7% interest, and the other charged 1.5% interest. After 1 yr, Jonathan paid $225 in interest. Find the amount borrowed in each loan. Answer by ReadingBoosters(3246) (Show Source):
You can put this solution on YOUR website! x + y = 4000; therefore, x = 4000 - y
.07x + .015y = 225
...
substitute
.07(4000-y) + .015y = 225
280 - .07y + .015y = 225
-.055y = 225 - 280
-.055y = -55 at 1.5%
x = 4000 - 1000 = at 7%
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