Question 955856: Nancy qualified for two loans that totaled $11,000. One loan charges 9% per year, and the other loan charges 11% per year. If the total interest charged in the first year is $1,150, how much was each loan?
How would I solve this problem step by step, if I were to get a similar problem?
Answer by macston(5194)   (Show Source):
You can put this solution on YOUR website! N=amount at 9%; E=amount at 11%
E+N=$11000
N=$11000-E
0.09N+0.11E=$1150 Substitute for N.
0.09($11000-E)+0.11E=$1150
$990-0.09E+0.11E=$1150 Subtract $990 from each side.
0.02E=$160 Divide each side by 0.02.
E=$8000 ANSWER 1: The amount at 11% was $8000
N=$11000-E=$11000-$8000=$3000 ANSWER 2: The amount at 9% was $3000.
CHECK:
0.09N+0.11E=$1150
0.09($3000)+0.11($8000)=$1150
$270+$880=$1150
$1150=$1150
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