Posted by **Molly** on Friday, July 29, 2011 at 9:58pm.

1. John’s loans for his business total $155,000. One of the loans is a SBA loan at 11% interest; the other loan is a Community Business Partner loan whose interest is 6.5% After one year the loans accumulated $12,325 in interest. What was the amount of each loan?

I am not sure what equation needs to be used for this

- MAth -
**Henry**, Saturday, July 30, 2011 at 7:28pm
Invested $X in SBA.

Invested $Y in CBP.

X + y = $155,000,

Y = 155000 - x.

0.11x + 0.065(155000-x) = 12,325,

0.11x + 10075 - 0.065x = 12,325,

0.045x = 12,325 - 10075 = 2250,

X = $50,000 Invested in SBA.

Y = 155000 - 50000 = $105,000 Invested in CBP.

## Answer this Question

## Related Questions

- eco - Suppose a person pays $80 of annual interest on a loan that has a 5 ...
- algebra - student takes out two loans 1 at 10% and the other at 12 percent ...
- Algebra - This assignment is about a car loan. A financial institution in your ...
- statistics - A couple considering a mortgage of $100,000 have a choice of loans...
- Math Algebra - Cole’s two student loans totaled $31,000. One of his loans was at...
- Math algebra - Sarah’s two student loans totaled $12,000. One of her loans was ...
- Math - solving applied problems two equations (Coles two student loans totaled...
- Algebra - Sue's student loans totaled $31,000. One of her loans was at 2.8% ...
- Algebra - Sam two student loans totaled $31,000. One of his loans was at 2.8% ...
- Math - hollis is paying off 2 student loans. One loan charges 7% interest, per ...