Question

Noelle recieves $17,000 in two loans. One loan charges

5% interest per year and the other 6.5%. If her total
interest after 1 year is $970, how much was each loan?

Answer 1

5% interest loan is $9000;

6.5% interest loan is $8000.

Explanation:

1.We assume 5% loan is x and 6.5% loan is y.

2.Two loan is total is $17000

So we can say: x+y = 17000

3.Each loans have its own interest

5% loan will be 0.05 * x

6.5% loan will be 0.065 * y

Both is 0.05x+0.065y = 970

(eg: 5% = 0.05, 6.5% = 0.065)

4.So we get:

x+y=17000

0.05x+0.065y=970

solve it will get x= 9000, y = 8000.