anonymous
  • anonymous
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
Mathematics
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SOLVED
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chestercat
  • chestercat
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anonymous
  • anonymous
y = $110,202.88 Tina borrowed at 4.6% x = $32,308.12 Tina borrowed at 1.2%
Callisto
  • Callisto
At the end of the first year, Tina paid (...)? Did you miss the number in your question?
anonymous
  • anonymous
It just states at the end of the first years she paid a combined amount o $5457.03

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anonymous
  • anonymous
what were the amount of the 2 loans ( I apologize for not noticing the entire ? was not there)
Callisto
  • Callisto
i think you've got it correct
Callisto
  • Callisto
given that if at the end of the year, Tina just has to pay the interest only
anonymous
  • anonymous
ok thank you so much. Slowly but surely getting the hang of it. :)
Callisto
  • Callisto
you're welcome, I did nothing to help actually

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