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?

Answer 1

let a be the amount of the 2.7% loan
let b be the amount of the 2.6% loan

a + b = 319531.00
.027a + .026b = 8334.15

multiply the top by .027 and subtract

.027a + .027b = 8627.34
.027a + .026b = 8334.15

.001b = 293.19
so,
b= 293190
and
a = 26341