Problema Solution
A college student has loans at two interest rates: 4% simple interest, and 7% simple interest. The loans total $22000. After one year, the student owes $1275 in interest. How much does the student have at each rate?
Answer provided by our tutors
0.04X+0.07y=1275
x+y=22000
Solve simultaneously to get x=8833
y=13166
$8833.3 at 4%
$13166.6 at 7%