These problems are killing me, A student has two loans totaling 15,000. One of the loans is at 3% annual ?
interest and the other is at 5%. After one year the student owes 578.48 in interest. What is the amount of each loan, please help?
Thanks
Let one loan be x and the other y.
We are given,
eq1:
x+y=15000
The interest accrued will be the sum of the interest rate multiplied by the loans.
eq2:
(0.03)x+(0.05)y=578.48
We now have 2 equations and 2 unknowns. Solving the system of linear equations:
eq2-eq1*(0.03):
0.02y=450-578.48
y=6424
subbing y into eq1:
x+6424=15000
x=8576
The 5% loan is $6424 and 3% loan is $8576
