Posted by Edward on .
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
so the smaller loan was $3200 and the larger loan was $4700
Check: .07 x 4700 + .09 x 3200 = 617