To buy both a new car and a new house, Tina sought two loans totaling $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?
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I started with x + y= 318,338 and 0.024x + 0.047 = 14,761.81 and now I my brain stopped
do I use elimination or substitution method? or does it matter? am I headed the right way?
Try it this way: x dollars borrowed at 2.4% and the rest of the money (318338-x) was borrowed at 4.7%
Interest on the 2.4% money: .024x
Interest on the 4.7% money: .047(318338-x)
Total interest for 1 year = .024x + .047(318338-x)=14761.81