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Answer:
$104.27 is the amount at 3% and $20895.73 is the amount at 4.4%
Step-by-step explanation:
We are given that Josie owes $21000 in student loans.
Let x be principal at 3% rate of interest
Time = 1 year
Formula:
A=1.03x
Interest = Amount - Principal
Interest = 1.03x-x=0.03x
So, (21000-x) is the principal at 4.4% rate of interest
Formula:
A=21924-1.044x
Interest = 21924-1.044x-21000-x=924-2.044x
The total interest she owes for one year was $714.00
So, 0.03x+924-2.044x=714
x=104.27
So, $104.27 is the amount at 3%
The principal at 4.4% rate of interest =21000-x=21000-104.27=20895.73
Hence $104.27 is the amount at 3% and $20895.73 is the amount at 4.4%