Problema Solution
Student loans. Stacey's two student loans totalled $12,000. 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
suppose 6.5% amount is x so other is (12000-x)
0.065 * x + 0.072*(12000-x) = 811.5
0.065x + 863 - 0.072x = 811.5
0.007x = 52.5
x = 7500
so 6.5% is 7500 ,7.2% is 4500