You have two loans, for 2 years each. The total interest for the two loans is

Question

$138. On the first loan, you pay 7.5% simple interest on a principal of $800. On the
second loan, you pay 3% simple interest. What is the principal for the second loan?

Answer 1

interest on first loan = 800*.075*2 = 120
so the interest on the second loan
= 138-120 = 18

using the simple interest formula:
18 = P*.03*2
P = $300

Answer 2

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Answer 3

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Answer 4

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Answer 5

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