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

A student takes out two loans to help pay for college expenses. The total amount of money borrowed is $12600. Both loans have interest that accrues annually. The first loan has an interest rate of 3.5%, and the second loan has an interest rate of 4.5%. After the first year, the interest from both loans total $500.5. Find the initial amount borrowed at 3.5%. Round to the nearest dollar.

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francocanacari

$ 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%.

Learn more about interest in https://brainly.com/question/25831522

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