Loan I = $ 30,000
Loan II = $ 55,000
<h2>Further Explanation
</h2>
Total loan of $ 85,000
Loan I rate at 4.5%
Loan II rate at 6%
This year's loan repayments are $ 4,650
0.045 + 0.06 = 4,650
Loan II = $ 85,000 - Loan I
0.045 ($85,000-b)+0.06 b= 4,650
Loan II = $55,000
Loan I = $ 85,000 - Loan II
Loan I = $85,000 - $55,000
Loan I = $30,000
Loan I rate = $ 1,350
Loan II rate = $ 3,300
Total Loans rate (I + II) - Payments = <em>(</em><em>$ 1,350</em><em> + </em><em>$ 3,300</em><em>)</em> - <em>$ 4,650</em> = <em>$ 0</em> (Remaining balance)
Loans are a type of debt that can involve all types of tangible objects, although usually more often are identified with monetary loans. Like other debt instruments, a loan requires a redistribution of financial assets over time between the borrower (indebted) and the debtor (the creditor).
The borrower initially receives an amount of money from the lender to be paid back, often in the form of periodic installments, to the lender. This service is usually provided with certain costs which are referred to as interest on the debt. Borrowers can also get restrictions in the form of loan conditions.
Before applying for a loan you should know how to calculate the percent interest on a loan to check the correctness of the interest calculation specified on your credit.
Learn More
calculate the loan brainly.com/question/13976817
loan payment brainly.com/question/14021573
Details
Grade: High School
Subject: Mathematics
Keyword: loan, payment, borrowers
