Question

How would I go about doing this? Any help is appreciated.

Answer 1

$ 6,650 was invested at 3.5%, and $ 5,950 at 4.5%.

Since a student takes out two loans to help pay for college expenses, and the total amount of money borrowed is $ 12600, and both loans have interest that accrues annually, and the first loan has an interest rate of 3.5%, and the second loan has an interest rate of 4.5%, and after the first year, the interest from both loans total $ 500.5, to find the initial amount borrowed at 3.5% the following calculation must be performed:

• 6300 x 0.035 + 6300 x 0.045 = 504
• 6600 x 0.035 + 6000 x 0.045 = 501
• 6700 x 0.035 + 5900 x 0.045 = 500
• 6650 x 0.035 + 5950 x 0.045 = 500.5

Therefore, $ 6,650 was invested at 3.5%, and $ 5,950 at 4.5%.

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