Answer:
The loans are $4500 and $7500 respectively
Step-by-step explanation:
Let the principal amount of the two loans be x and y respectively.
This means x + y = 12,000 (I)
Now, for the first principal x, interest accrued will be
I = PRT/100
I = x * 6 * 1/100 = 6x/100
For the second principal, interest accrued will be;
I = y * 3 * 1/100 = 3y/100
Since the total interest is $585
That would be;
6x/100 + 3y/100 = 585
6x + 3y = 58500 (ii)
Now we have two equations to solve simultaneously.
Substitute x = 12,000 - y in equation ii
6(12000- y) + 3y = 58,500
72000 - 6y + 3y = 58500
3y = 72000 - 58500
3y = 13,500
y = 13,500/3 = 4,500
x = 12,000 - y = 12000 - 4500 = 7,500
Hence the loan at 6% is 7,500 while the loan at 3% is 4,500
