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kykrilka [37]
3 years ago
6

Item 20 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% simp

le interest on a principal of $800. On the second loan, you pay 3% simple interest. What is the principal for the second loan?
Mathematics
1 answer:
Aliun [14]3 years ago
3 0
Interest on first loan = 800*.075*2 = 120 
<span>so the interest on the second loan </span>
<span>= 138-120 = 18 </span>

<span>using the simple interest formula: </span>
<span>18 = P*.03*2 </span>
<span>P = $300</span>
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4 years ago
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This is pretty easy if you remember PEMDAS.

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Read 2 more answers
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Mr. drove 3 times more then Mrs.. ok

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