A community for students.
Here's the question you clicked on:
 0 viewing
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?
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?

This Question is Closed

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0I started with x + y= 318,338 and 0.024x + 0.047 = 14,761.81 and now I my brain stopped

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0do I use elimination or substitution method? or does it matter? am I headed the right way?

Mertsj
 5 years ago
Best ResponseYou've already chosen the best response.0Try it this way: x dollars borrowed at 2.4% and the rest of the money (318338x) was borrowed at 4.7% Interest on the 2.4% money: .024x Interest on the 4.7% money: .047(318338x) Total interest for 1 year = .024x + .047(318338x)=14761.81

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0ahhhh ok I try thank you!

Hero
 5 years ago
Best ResponseYou've already chosen the best response.0you 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

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0ok ty Hero, I am still stuck

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0I cannot figure out how to solve this

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0ok thank you I keep trying:)

Mertsj
 5 years ago
Best ResponseYou've already chosen the best response.0\[.024x +14961.886.047x=14761.81\] \[.023x=200.076\] \[.\]\[x=8698.96=\] 2.4% money

Hero
 5 years ago
Best ResponseYou've already chosen the best response.0I'm going to do it again on paper just to make sure my solution is correct

Hero
 5 years ago
Best ResponseYou've already chosen the best response.0I wrote down the equation wrong again

Mertsj
 5 years ago
Best ResponseYou've already chosen the best response.0You made a typo when you typed the total amount of interest. It is 14761.81 NOT 13761.81

Hero
 5 years ago
Best ResponseYou've already chosen the best response.0I know that Mertsj. I just said that. Repeating what I already stated doesn't help.

Hero
 5 years ago
Best ResponseYou've already chosen the best response.0Just forget about my solution.
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.