Sarah’s two student loans totaled $12,000. One of her loans was at 6% simple interest and the other at 9%. After one year, Sarah owed $855 in interest. What was the amount of each loan?

Answer 1

Let X be one loan amount and Y the other.

X = $12,000 - Y

.06X + .09Y = $855

Substitute ($12,000 - Y) for X in the second equation and solve for Y. Put that value into the first equation to find X. Check by putting both values in the second equation.

I hope this helps. Thanks for asking.

Answer 2

Thank you, that help a lot. It was very clear to understand

Answer 3

Y= $4,500
X= $7,500