8. Student Loans. $31,000. One of his loans was at 2.8% simple inter- est and the other at 4.5%. After one year, Cole owed $1024.40 in interest. What was the amount of each Cole's two student loans totaled loan?

Intermediate Algebra
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Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
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(8.4, q.18) PLEASE SHOW WORK STEP BY STEP AND CIRCLE ANSWER

18. Student Loans. Cole's two student loans totaled
$31,000. One of his loans was at 2.8% simple inter-
est and the other at 4.5%. After one year, Cole owed
$1024.40 in interest. What was the amount of each
loan?
Transcribed Image Text:18. Student Loans. Cole's two student loans totaled $31,000. One of his loans was at 2.8% simple inter- est and the other at 4.5%. After one year, Cole owed $1024.40 in interest. What was the amount of each loan?
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