Loans Bill took out two loans that totaled $15,000. One of the loans charges 12% per year, and the other charges 10%

Question

Loans Bill took out two loans that totaled $15,000. One

of the loans charges 12% per year, and the other charges

10% per year. If the total interest charged in the first year

is $1,600, how much was each loan?

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Cherry 5 months 2021-08-13T22:20:07+00:00 1 Answers 1 views 0

Answers ( )

    0
    2021-08-13T22:21:59+00:00

    Let, money in loan with 12% interest is x.

    So, money in loan with 10% interest is 15000-x.

    Now , sum of interest :

    \dfrac{12x}{100}+\dfrac{10(15000-x)}{100}=1600\\\\12x+150000-10x=160000\\\\2x=10000\\\\x=5000

    Therefore, money on 12% interest is $5000 and 10% interest is $10000.

    Hence, this is the required solution.

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