To buy both a new car and a new house, Tina sought two loans totalling $78,825. The simple interest rate on the first loan was 0.2%, while the simple interest rate on the second loan was 5.0%. At the end of the first year, Tina paid a combined interest payment of $2817.23. What were the amounts of the two loans?
So far I have this but don't know where to go from there:
x + y = 78,825
0.02x + 0.05y = 2817.23
2 answers
Try harder it is wrong
To buy both a new car and a new house, Tina sought two loans totalling $319,531. The simple interest rate on the first loan was 2.7%, while the simple interest rate on the second loan was 2.6%. At the end of the first year, Tina paid a combined interest payment of $8334.15. What were the amounts of the two loans?
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1 answer