Question

To buy both a new car and a new house, Tina sought two loans totalling $318,338. The simple interest rate on the first loan was 2.4%, while the simple interest rate on the second loan was 4.7%. At the end of the first year, Tina paid a combined interest payment of $14,761.81. What were the amounts of the two loans?

Answer 1

0.024x+0.047(318338-x)=14761
0.024x+14961.89-0.047x=14761
-0.023x=-200
x=$8,695.65 at 2.4%
318338-x=$309,642.35 at 4.7%

Answer 2

is this right

Answer 3

yeh thats right

Answer 4

ty