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After four years in college, Josie owes $9500 in student loans. The interest rate on the federal loans is 11% and the rate on the private bank loans is 7%. The total interest she owed for one year was
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After four years in college, Josie owes $9500 in student loans. The interest rate on the federal loans is 11% and the rate on the private bank loans is 7%. The total interest she owed for one year was $901.00. What is the amount of each loan?

User Suryateja KONDLA
by
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1 Answer

7 votes

Explanation:

federal= $4180

(9500*0.11*4)

private=$2660

(9500*0.07*4)

User Elibud
by
7.9k points
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