Question

To buy both a new car and a new house, Tina sought two loans totalling $260,394. The simple interest rate on the first loan was 3.7%, while the simple interest rate 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 1

x = = amt of car loan at 0.037
y = amt house loan at 0.088

0.037x + 0.088y = 22611.73
x + y = 260394

Solve these two equations simultaneously