Thursday
April 17, 2014

Homework Help: Math

Posted by Edward on Sunday, April 8, 2007 at 5:10pm.

hollis is paying off 2 student loans. One loan charges 7% interest, per year. The other loan charges 9 % interest per year. He owes $1500 more on the 7% loan than he does on the other. Last year he paid a total of $617.00 in interest. what does he owe on each loan

what is 2,980+135,618=???

let the amount on the smaller loan be $x
then the amount of the larger loan is $(x+1500)

then .07(x+1500.09x = 617
.
.
.
x=3200
so the smaller loan was $3200 and the larger loan was $4700

Check: .07 x 4700 + .09 x 3200 = 617

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

MAth - 1. Johnís loans for his business total $155,000. One of the loans is a ...
eco - Suppose a person pays $80 of annual interest on a loan that has a 5 ...
Business Finance - Assume a bank loan requires a interest payment of $85 per ...
math - Jessica has a credit card from party bank and another from artic bank. ...
math - what formula would i use to solve for this: Loan Interest A developer ...
Math algebra - Sarahís two student loans totaled $12,000. One of her loans was ...
Math Algebra - Coleís two student loans totaled $31,000. One of his loans was at...
Mathematics of Finance - Richard borrowed 170000 dollars from his bank to help ...
math - Loan #1 Year Amount owed 1 $3796 2 $3942 3 $4088 Loan # 2 Year Amount ...
math - interest rates - Car loan: 5-yr annual-payment loan with interest rate of...

Search
Members