I just want to know if this is correct?To buy both a new car and a new house, Tina sought two loans totaling $142,511. The simple interest rate on the first loan was 1.2%, while the simple interest rate on the second loan was 4.6%. At the end of the first year, Tina paid

let x = amount of first loan
let y = amount of second loan

x + y = 142511
x = 142511 - y

.012x + .046y = 5457.03
.012(142511 - y) + .046y = 5457.03
1710.132 - .012y + .046y = 5457.03
.034y = 3746.898
y = 110202.88235294117647058823529412

y = $110,202.88 Tina borrowed at 4.6%
x = $32,308.12 Tina bo

Question

I just want to know if this is correct?To buy both a new car and a new house, Tina sought two loans totaling $142,511. The simple interest rate on the first loan was 1.2%, while the simple interest rate on the second loan was 4.6%. At the end of the first year, Tina paid 

let x = amount of first loan 
let y = amount of second loan 

x + y = 142511 
x = 142511 - y 

.012x + .046y = 5457.03 
.012(142511 - y) + .046y = 5457.03 
1710.132 - .012y + .046y = 5457.03 
.034y = 3746.898 
y = 110202.88235294117647058823529412 

y = $110,202.88 Tina borrowed at 4.6% 
x = $32,308.12 Tina bo

anonymous · Answer

y = $110,202.88 Tina borrowed at 4.6%
x = $32,308.12 Tina borrowed at 1.2%

callisto · Answer

At the end of the first year, Tina paid (...)? Did you miss the number in your question?

anonymous · Answer

It just states at the end of the first years she paid a combined amount o $5457.03

anonymous · Answer

what were the amount of the 2 loans ( I apologize for not noticing the entire ? was not there)

callisto · Answer

i think you've got it correct

callisto · Answer

given that if at the end of the year, Tina just has to pay the interest only

anonymous · Answer

ok thank you so much. Slowly but surely getting the hang of it. :)

callisto · Answer

you're welcome, I did nothing to help actually