Juan borrows a total of $119,500 to pay for medical school. He borrows part of the...

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Juan borrows a total of $119,500 to pay for medical school. He borrows part of the money from the school whereby he will pay 4.9% simple interest. He borrows the rest of the money through a government grant that will charge him 6.9% interest. In both cases, he is not required to pay off the principal or interest during his 2 years of medical school. However, at the end of 2 years, he will owe a total of $14,031 for the interest from both loans. How much did he borrow from each source? Part 1 of 2 Juan borrowed Part 2 of 2 at 4.9%. Juan borrowed Sat 6.9%. X Juan borrows a total of $119,500 to pay for medical school. He borrows part of the money from the school whereby he will pay 4.9% simple interest. He borrows the rest of the money through a government grant that will charge him 6.9% interest. In both cases, he is not required to pay off the principal or interest during his 2 years of medical school. However, at the end of 2 years, he will owe a total of $14,031 for the interest from both loans. How much did he borrow from each source? Part 1 of 2 Juan borrowed Part 2 of 2 at 4.9%. Juan borrowed Sat 6.9%. X

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part1 Juan borrowed 61500 at 49 part 2 Juan borrowed 58000 at 69 Explanation ... View the full answer