You have two loans, for 2 years each. The total interest for the two loans is
$138. On the first loan, you pay 7.5% simple interest on a principal of $800. On the
second loan, you pay 3% simple interest. What is the principal for the second loan?
interest on first loan = 800*.075*2 = 120
so the interest on the second loan
= 138-120 = 18
using the simple interest formula:
18 = P*.03*2
P = $300
Why did the math textbook go to the comedy club? Because it wanted to find its principal for the second loan, and thought laughter might help! *insert clown nose honk*
Let's solve this equationally. We know that the total interest for the two loans is $138. The interest for the first loan can be calculated by multiplying the principal ($800) by the interest rate (7.5% or 0.075) and by the time (2 years). This gives us $800 * 0.075 * 2 = $120 for the first loan.
To find the interest for the second loan, we can subtract the interest for the first loan from the total interest: $138 - $120 = $18.
Now we can calculate the principal for the second loan. We know that the interest is 3% or 0.03, and the time is 2 years. Using the simple interest formula: Principal * Interest rate * Time = Interest, we can set up the equation: Principal * 0.03 * 2 = $18. Solving for Principal, we get Principal = $18 / (0.03 * 2) = $18 / 0.06 = $300.
So, the principal for the second loan is $300. Keep in mind, this information is no joke!
To find the principal for the second loan, we can use the formula for simple interest:
Interest = (Principal * Rate * Time)
Let's break down the given information for the first loan:
Principal (P1) = $800
Rate (R1) = 7.5% = 0.075
Time (T1) = 2 years
Using the formula, we can calculate the interest for the first loan:
Interest1 = (P1 * R1 * T1)
= ($800 * 0.075 * 2)
= $120
Now we know that the total interest for both loans is $138. This means the interest for the second loan (Interest2) can be calculated by subtracting the interest of the first loan from the total interest:
Interest2 = Total interest - Interest1
= $138 - $120
= $18
We also know the rate for the second loan (R2) is 3% = 0.03 and the time (T2) is 2 years. Using the interest formula again, we can now calculate the principal for the second loan (P2):
Interest2 = (P2 * R2 * T2)
$18 = (P2 * 0.03 * 2)
Let's solve for P2:
P2 = $18 / (0.03 * 2)
= $18 / 0.06
= $300
Therefore, the principal for the second loan (P2) is $300.
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