a student takes out two loans totaling $16,000 to help pay for college expenses. One loan is at 5% simple interest, and the other is at 6% simple interest. the first-year interest is $890. Find the amount of the loan at 6%.

Question

a student takes out two loans totaling $16,000 to help pay for college expenses. One loan is at 5% simple interest, and the other is at 6% simple interest. the first-year interest is $890.  Find the amount of the loan at 6%.

anonymous · Answer

x+y=16000
0.05x+0.06x=890

anonymous · Answer

you can find answer from these.

slaaibak · Answer

Suppose the loan at 6% is x
Therefore, the other loan at 5% is 16 000 - x

Now, the interest of both loans would equal 890.

Therefore:

x* .06 + (16000 - x) * .05 = 890

.01x = 890 - 800
x = 9000

Therefore the first loan = 9000 @ 6%

anonymous · Answer

Thanks so much guys!