Answer:
federal loan amount = $29,000
private loan amount = $14,000
Step-by-step explanation:
Total amount is 43000
Let amount in federal be f
and
amount in private be 43,000 - f
Interest rate at federal is 0.045
Interest rate at private is 0.02
THus, we can form the equation shown below and solve:
f(0.045) + (43,000 - f)(0.02) = 1585
0.045f +860 - 0.02f = 1585
0.025f = 725
f = 29,000
and on private = 43,000 - 29,000 = 14,000
Hence
federal loan amount = $29,000
private loan amount = $14,000
