1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
MrRissso [65]
3 years ago
8

Stuart pays back two student loans over a 4-yr period. One loan charges the equivalent of 3% simple interest and the other charg

es the equivalent of 5.5% simple interest. If the total amount borrowed was $24,000 and the total amount of interest paid after 4 yr is $3280, find the amount borrowed from each loan.
Mathematics
2 answers:
Ugo [173]3 years ago
5 0

Answer:

The first loan L1 = $20,000

This is the loan with 3% simple interest

The second loan L2 = $4,000

This is the loan with 5.5% simple interest

Step-by-step explanation:

L1 + L2 = $24,000 ...(1)

4(3% of L1) + 4(5.5% of L2) = $3,280 ...(2)

Where the first term in equation (2) represents the total interest paid on loan 1 after 4 years

The second term represents total interest accruing to loan 2 after 4 years

From equation (1), we single out L1

L1 = 24,000 - L2

Substitute this value for L1 in equation (2)

288,000 + 10L2 = 328,000

L2 = $4,000

L1 = $24,000 - $4,000 = $20,000

SIZIF [17.4K]3 years ago
3 0

Answer: the amount of each loans are $4000 and $20000

Step-by-step explanation:

Let the amount borrowed for the first loan be $x

Let the amount borrowed for the second loan be $y

The formula for simple interest will be

I = PRT/100

Where

I is the interest

P= principal

R= rate

T = time in years

Considering the first loan x,

Principal = x

R = 3%

T = 4 years

I = (x × 3 × 4)/100

Ix = interest on x

Ix= 12x/100

Considering the second loan y,

Principal = y

Rate = 5.5 %

T = 4 years

Iy = interest on y

Iy = (y × 5.5 × 4)/100 = 22y/100

If the total amount borrowed was $24,000, it means that

x + y = 24000

the total amount of interest paid after 4 yr is $3280. This means that

Ix + Iy = 3280. Therefore

12x/100 + 22y/100 = 3280

Cross multiplying,

12x + 22y = 3280 × 100 = 328000

12x + 22y = 328000

Substituting x = 24000 - y into 12x + 22y = 328000, it becomes

12(24000 - y ) +22y = 328000

288000 - 12y + 22y = 328000

- 12y + 22y = 328000 - 288000

10y = 40000

y = 40000/10 = $4000

x = 24000 - y = 24000 - 4000

x = $20000

You might be interested in
Re-write the equation 3x - y = 4 in slope-intercept form.
Verdich [7]

Answer:

a

Step-by-step explanation:

The equation of a line in slope- intercept form is

y = mx + c

Rearrange 3x - y = 4 into this form ( add y to both sides )

3x = y + 4 ( subtract 4 from both sides )

3x - 4 = y OR y = 3x - 4 → a

5 0
3 years ago
Set a different numbers that give a mean of 17.25
Ivahew [28]
Here is a set of 5 numbers that give a mean of 17.25.

Answer:
14, 11, 16, 21, 24.25
4 0
2 years ago
Look at this inequality: 12−4x ≤ 20
SSSSS [86.1K]

Answer: The last line is the answer

12 - 4x <u><</u> 20

20 - 12 = 8

-4x = 8

-4/4 = 8/-4

x = -2

New inequality: x <u>></u> -2

Step-by-step explanation:

4 0
3 years ago
Read 2 more answers
Use the Angle Addition Postulate to find the measure of each angle.
Simora [160]
For number 15 and 16, you just have to find the absolute difference between the two points along the calibration of the protractor.

15. ∠BXC = |B - C| = |140° - 110°| = 30°
16. ∠BXE = |B - E| = |140° - 30°| = 110°

For numbers 20 and 21, apply the Angle Addition Postulate. This is when you add the individual interior angles to equate to the total angle.

20. ∠PQS = ∠PQR + ∠RQS
      112° = 72°+ 10x°
       x = 4

21. ∠KLM = ∠KLN + ∠NLM
      135° = 47°+ 16y°
       y = 5.5
5 0
3 years ago
-56z+28 is equal to what?
Svetlanka [38]

Answer:

Factor  − 28  out of  − 56 z + 28 .

answer = − 28 ( 2 z  −  1 )

Step-by-step explanation:

Hope this helps! Have a great day!

8 0
3 years ago
Read 2 more answers
Other questions:
  • A gym charges a $49.95 activation fee and $17.50 per month for a membership. If you spend $364.95 for how many months do you hav
    15·1 answer
  • I did 4 more problems than manuel if I dod p problems write an expression for how many manuel did
    5·1 answer
  • Please help!! 15 Points!
    10·1 answer
  • Sterre charges $ 3 5 $35dollar sign, 35 to file tax returns, but files for free if she only needs the easiest form. Then she don
    10·1 answer
  • Compare.write &lt;,&gt; 7/8 23/24
    8·1 answer
  • What is this equation of this line?
    10·1 answer
  • Andre has a summer job selling magazine subscriptions he earned $25 per week plus $3 for every subscription he sells.Andre hopes
    14·1 answer
  • I really need help with this. Can you help me please?
    10·1 answer
  • Help please and thank you <br> !!
    10·1 answer
  • A regular pentagon is created using the bases of five congruent isosceles triangles, joined at a common vertex. A regular pentag
    12·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!