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To buy both a new car and a new house, Tina sought two loans totalling $319.531. The simple interest rate on the first loan was 2.7%, while the simple interest rate on the second loan was 2.6%. At the end of the first year, Tina paid a combined interest payment of $8334.15. What were the amounts of the two loans?

  • Math -

    let a be the amount of the 2.7% loan
    let b be the amount of the 2.6% loan

    a + b = 319531.00
    .027a + .026b = 8334.15

    multiply the top by .027 and subtract

    .027a + .027b = 8627.34
    .027a + .026b = 8334.15

    .001b = 293.19
    so,
    b= 293190
    and
    a = 26341

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