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anonymous

  • 5 years ago

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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  1. anonymous
    • 5 years ago
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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

  2. anonymous
    • 5 years ago
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    do I use elimination or substitution method? or does it matter? am I headed the right way?

  3. Mertsj
    • 5 years ago
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    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

  4. Mertsj
    • 5 years ago
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    Solve that equation

  5. anonymous
    • 5 years ago
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    ahhhh ok I try thank you!

  6. Mertsj
    • 5 years ago
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    yw

  7. Hero
    • 5 years ago
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    you wrote: x + y= 318,338 and 0.024x + 0.047 = 14,761.81 but you forgot to add y to .047, so in actuality: x + y = 318, 338 .024x + .047y = 14,761.81

  8. anonymous
    • 5 years ago
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    ok ty Hero, I am still stuck

  9. anonymous
    • 5 years ago
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    I cannot figure out how to solve this

  10. anonymous
    • 5 years ago
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    ok thank you I keep trying:)

  11. Mertsj
    • 5 years ago
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    \[.024x +14961.886-.047x=14761.81\] \[-.023x=-200.076\] \[.\]\[x=8698.96=\] 2.4% money

  12. Hero
    • 5 years ago
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    I'm going to do it again on paper just to make sure my solution is correct

  13. Mertsj
    • 5 years ago
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    It is off by 188.71

  14. Hero
    • 5 years ago
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    yeah, I realize that now

  15. Hero
    • 5 years ago
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    I wrote down the equation wrong again

  16. Mertsj
    • 5 years ago
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    You made a typo when you typed the total amount of interest. It is 14761.81 NOT 13761.81

  17. Hero
    • 5 years ago
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    I know that Mertsj. I just said that. Repeating what I already stated doesn't help.

  18. Mertsj
    • 5 years ago
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    Sorry

  19. Hero
    • 5 years ago
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    Just forget about my solution.

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