Respuesta :
Answer:
federal loans = $29,000
private loans = $14,000
Step-by-step explanation:
x + y = 43000
.045x + .02y = 1585
x = 29,000
y = 14,000
Answer:
Amount of loan from federal : $ 29,000
Amount of loan from private bank : $ 14,000
Step-by-step explanation:
We know that Linda owes $43,000 in student loans. It is also given that the interest rate on the federal loans is 4.5%, while the interest rate on private loans is 2%, the total interest for a year being $1,585.
If Linda were to say own x dollars in federal loans, and y dollars in private loans, we know that she owns a total of $43,000, so -
x + y = 43,000
At the same time the loan interest amount is $1,585, while the interest rate on the federal loans is 4.5%, and the interest rate on private loans is 2%. The loans from each account will add to $1,585 -
0.045x + 0.02y = 1585
Let's solve the following system for x and y, the amount of each loan,
[tex]\begin{bmatrix}x+y=43000\\ 0.045x+0.02y=1585\end{bmatrix}[/tex] ( Substitute x = 43000 - y )
[tex]0.045\left(43000-y\right)+0.02y=1585[/tex] ( Simplify )
[tex]1935-0.025y=1585[/tex],
[tex]1935000-25y=1585000[/tex],
[tex]-25y=-350000[/tex],
[tex]y=14000[/tex],
[tex]x=29000[/tex]
Thus, the amount of loan from federal is $ 29,000 and the amount of loan from private bank is $ 14,000.
