Algebra
posted by Julissa .
Micheal loaned two of his roommates a total of $4,000. He charged his first roommate 3% interest and his second roommate 4% interest. After six months he collected a total of $332 in interest. How much did he loan each friend?

Something is wrong with your numbers. Even if he loaned all the $4000 at the higher annual rate of 4%, he would only collect $80 in interest in 6 months

This question was posted by a classmate and we had to answer it. I would let my classmate know that something is wrong or missing. Thanks for your help drwls
Respond to this Question
Similar Questions

FIN
After 12 months of making extra payments, what will be the loan balance? 
Algebra 1
A finance company offers cheaper interest rates if you borrow a larger sum of money for shorter time period. A borrower is offered $7000 at 12% or $10080 at 10%. If the tome for the lager loan is 6 months less but the total interest … 
Math
1. Jacksonville Technical College received $3,445,553 in state aid on September 15 for the fall academic semester. The vicepresident for finance decided to invest $2,000,000 in a 2month investment that pays 11.5% simple interest. … 
Mortgage Class
A borrower received a 30year ARM mortgage loan for $120,000. The start rate was 3.50% and the loan adjusts every 12 months for the life of the mortgage. Rate caps are 3/2/6. The index used for this mortgage is the LIBOR. For this … 
Statistics/Probability
1. Two roommates, roommate A and roommate B, are about to go cruising with a mutual friend and are arguing over who gets to sit in the front seat. Roommate A suggests a game of rockpaperscissors to settle the dispute. Consider the … 
Statistics/Probability
3. On a given evening, two roommates, roommate A and roommate B, are arguing over who should control the television remote. Roommate A suggests a game of rockpaperscissors to settle the dispute. It's the first time that the roommates … 
Loans
A borrower received a 30year ARM mortgage loan for $120,000. Rate caps are 3/2/6 (first adjustment/subsequent adjustments/total over the life of the loan). The start rate was 3.50% and the loan adjusts every 12 months for the life … 
Math
I take out a loan for $10,000.00 and the interest rate is 6.3% APR. If I pay this loan back at $300.00 per month, how much interest will I be charged on top of this per month for the first 3 months? 
Math
1. When their child was born, Elaine and Mike Porter deposited $5,000 in a savings account. The money ears interest at 6 percent compounded quarterly. How much will the account be worth when their child celebrates her second birthday? 
Math
Mona takes out a $12,000 student loan to help pay for her first 2 years of college, then 2 years later needs another loan for $14,000 to get her through to graduation. She graduates 4 years and 9 months after acquiring the first loan, …