Math

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?

  1. 👍
  2. 👎
  3. 👁
  1. 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

    1. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. world History

    Which option accurately describes the role of trade during the Age of Discovery? 4. Explorers such as Ferdinand Magellan sought to trade for coffee and tea from the Inca Empire. 1. Explorers such as Amerigo Vespucci sought to

  2. Math

    Study ways of raising a loan to buy a car or house e.g. bank loan or purchase a refrigerator or a television set through hire purchase the

  3. math

    Tina says that 6:8 is equivalent to 36:64. What did Tina do wrong?

  4. math

    Tina uses a $50 gift certificate to buy a pair of pajamas for $17.97, a necklace for $25.49, and 3 pairs of socks that each cost the same amount. Tina has to pay $0.33 because the gift certificate does not cover the total cost of

  1. maths

    study ways of raising a loan to buy a car or house e.g bank loan

  2. Physics

    David is driving a steady 24.0m/s when he passes Tina, who is sitting in her car at rest. Tina begins to accelerate at a steady 2.90m/s2 at the instant when David passes. How far does Tina drive before passing David? What is her

  3. math

    In a study of the domestic market share of the three major automobile manufacturers A, B, and C in a certain country, it was found that their current market shares were 60%, 30%, and 10%, respectively. Furthermore, it was found

  4. Math question - plz correct

    Two airplanes leave an airport at the same time. One travels at 355km/h and the other at 450km/h. Two hrs later they are 800km apart. Find the angle between their courses. a^2 = b^2 + c^2 - 2bc Cos A 800^2= 450^2 + 355^2 -

  1. math

    Tina and Jim live 5 miles apart from each other. Tina ran from her house to Jim's house at a rate of 10 miles per hour. Jim ran from his house to Tina's house at a rate of 8 miles per hour. How far had Jim run by the time he

  2. History

    Which option accurately describes the role of trade during the Age of Discovery? Explorers such as Vasco da Gama sought to trade for gold and iron from the Ghana Empire. Explorers such as Ferdinand Magellan sought to trade for

  3. Mortgage Payments

    Chris bought a home for $225,000, putting down 20%. The mortgage is at 6 1/2% for 30 years. Determine his monthly payment A. 1,139.40 B. 1,319.04 C. 1,216.80 D. 1,319.40. I keep getting 1137.72 however that is not one of my

  4. math

    Barbara knows that she will need to buy a new car in 3 years. The car will cost $15,000 by then. How much should she invest now at 8%, compounded quarterly, so that she will have enough to buy a new car?

You can view more similar questions or ask a new question.