x = loan at 2.8%, y = loan at 4.5%
0.028x + 0.045y = 1024.40
x + y = 31000
solve these two equations together for your answer
post back if you need help
Sue's student loans totaled $31,000. One of her loans was at 2.8% simple interest and the other at 4.5%. After one year, Sue owed $1024.40 in interest. What was the amount of each loan?
4 answers
I'm not getting the result I was looking for, How do you deturmine what the amount of each interest?
Take x+y=31000 and solve for one of the variables.
Next, plug that solution into the second equation using the substitution method.
You now have a complete solution to one of the variables. Plug that answer into the original equation (x+y=31000) and you will find the solution of the second variable.
Once you have both of the solutions plug them into their separate terms. For example, if x=3 plug in that number to 0.028x
That will give you the separate value of each interest amount. Hope this helped.
Next, plug that solution into the second equation using the substitution method.
You now have a complete solution to one of the variables. Plug that answer into the original equation (x+y=31000) and you will find the solution of the second variable.
Once you have both of the solutions plug them into their separate terms. For example, if x=3 plug in that number to 0.028x
That will give you the separate value of each interest amount. Hope this helped.
Opps.. when i said Original equation, I meant 0.028x + 0.045y = 1024.40
1 answer