Problema Solution
Tina sought two loans totalling 260,394.00 the simple interest rate on the first loan was 3.7% while the simple interest on the second loan was 8.8% at the end of the first year tina paid a combined interest payment of 22,611.73 What were the amounts of the two loans.
Answer provided by our tutors
First loan: x
Second loan: y
The equation is
x + y = 260,394.00
3.7%*x + 8.8%*y = 22,611.73
We solve it
x = 5,940.04
y = 254,453.96
So
First loan: 5,940.04
Second loan: 254,453.96