Sam two student loans totaled $31,000. One of his loans was at 2.8% simple interest and the other at 4.5%. After one year, Sam owed $1024.40 in interest. What was the amount of each loan?

Answer 1

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

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