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max2010maxim [7]

2 years ago

14

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 inter

est on a principal of $800. On the second loan, you pay 3% simple interest. What is the principal for the second loan?

2 answers:

PIT_PIT [208]2 years ago

8 0

Answer:

$300

Step-by-step explanation:

We are told that 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.

Let us find the amount of interest for 1st loan.

$I=Prt$ , where,

I = Amount of interest,

P = Principal amount,

r = Interest rate in decimal form,

t = Time

Let us convert our given rate for 1st loan in decimal form

$7.5\%=\frac{7.5}{100}=0.075$

$I=\$800*0.075*2$

$I=\$800*0.15$

$I=\$120$

Now let us find the amount interest for 2nd loan.

$\text{Amount of interest for 2nd loan}=\$138-\$120$

$\text{Amount of interest for 2nd loan}=\$18$

Let us convert our given rate for 2nd loan in decimal form

$3\%=\frac{3}{100}=0.03$

Upon substituting our given values for 2nd loan in interest formula we will get,

$\$18=P*0.03*2$

$\$18=P*0.06$

$\frac{\$18}{0.06}=\frac{P*0.06}{0.06}$

$\$300=P$

Therefore, the principal amount for the 2nd loan is $300.

babunello [35]2 years ago

3 0

Hi there! Interest on the first loan is 800×.075×2=120. The interest on the second loan is 138-120=18. Now, we have to use the simple interest formula. 18=P×.03×2=300. Therefore, the answer is $300.

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<u>Solution:</u>

Given that, expression is ( w + 9 ) + 3

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The associative property states that you can add or multiply regardless of how the numbers are grouped

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alexgriva [62]

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Step-by-step explanation:

Important information:

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