A student takes out two loans totaling $3000 to help pay for college expenses. One loan is
Question:
A student takes out two loans totaling $3000 to help pay for college expenses. One loan is at 8% interest, and the other is at 10%. Interest for both loans is compounded annually.
(a) If the first-year interest is $264, write a system of equations whose solution is the amount of each loan.
(b) Find the amount of each loan.
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Step by Step Answer:
a b To solve this problem start by letting x represent the amount of the ...View the full answer
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Related Book For 
College Algebra With Modeling And Visualization
ISBN: 9780134418049
6th Edition
Authors: Gary Rockswold
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