Problema Solution
Stacey's two student loans totaled 12000. One of her loans was at 6.5% simple interest and the other at 7.2%. After one year Stacey owed $811.50 in interest. What was the amount of each loan?
Answer provided by our tutors
let
x = the amount of the loan with 6.5% interest
y = the amount of the loan with 7.2% interest
Stacey's two student loans totaled 12000
x + y = 12000
after one year Stacey owed $811.50 in interest
0.065x + 0.072y = 811.50
by solving the system of equations
x + y = 12000
0.065x + 0.072y = 811.50
we find
x = $7,500
y = $4,500
click here to see the step by step solution of the system of equations
the 6.5% interest loan was $7,500.
the 7.2% interest loan was $4,500.