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astraxan [27]
2 years ago
10

PLEASE HELP, WILL MARK BRAINLIEST

Mathematics
1 answer:
Advocard [28]2 years ago
6 0

Answer:

principal of first loan = $7,000

principal of second loan = $5,000

Step-by-step explanation:

Let x = principal of first loan

Let y = principal of second loan

Given:

  • Interest rate on first loan = 8% = 0.08
  • Interest rate on second loan = 9% = 0.09
  • Total amount of interest paid = $1,010

Create two equations with the given information:

Equation 1:  x + y = 12000

Equation 2:  0.08x + 0.09y = 1010

Rewrite Equation 1:

⇒ x = 12000 - y

Substitute into Equation 2 and solve for y:

⇒ 0.08(12000 - y) + 0.09y = 1010

⇒ 960 - 0.08y + 0.09y = 1010

⇒ 0.01y = 50

⇒ y = 5000

Substitute found value of y into Equation 1 and solve for x:

⇒ x + 5000 = 12000

⇒ x = 7000

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_____

<em>Additional comment</em>

A "two-step" linear equation like this one is usually solved by subtracting the unwanted constant, then dividing by the coefficient of the variable. Here, we have done those steps in reverse order. This makes the numbers smaller and  eliminates the coefficient of the variable. Sometimes I find it easier to solve the equation this way.

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