Solve 2(x + 1) = 2x + 2.
1 answer:
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Let x represent amount borrowed at 4.2% and y represent amount invested at 6.8%.
We have been given that Michelle borrows a total of $2500 in student loans from two lenders. We can represent this information in an equation as:
We are also told that at the end of 3 years, she will owe a total of $354 for the interest from both loans.
Amount of interest earned at a rate of 4.2% in 3 years would be .
Amount of interest earned at a rate of 6.8% in 3 years would be .
We can represent this information in an equation as:
Upon substituting equation (1) in equation (2), we will get:
Therefore, Michelle borrowed $2000 at 4.2%.
Upon substituting in equation (1), we will get:
Therefore, Michelle borrowed $500 at 6.8%.