Juan borrows $100,000 to pay for medical school. He borrows part of the money from the school whereby he will pay 4.5% simple interest. He borrows the rest of the money through a government loan that will charge him 6% interest. In both cases, he is not required to pay off the principal or interest during his 4 yr of medical school. However, at the end of 4 yr, he will owe a total of $19,200 for the interest from both loans. How much did he borrow from each source?
Juan borrows $100,000 to pay for medical school. He borrows part of the money from the school whereby he will pay 4.5% simple interest. He borrows the rest of the money through a government loan that will charge him 6% interest. In both cases, he is not required to pay off the principal or interest during his 4 yr of medical school. However, at the end of 4 yr, he will owe a total of $19,200 for the interest from both loans. How much did he borrow from each source?
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Juan borrows $100,000 to pay for medical school. He borrows part of the money from the school whereby he will pay 4.5% simple interest. He borrows the rest of the money through a government loan that will charge him 6% interest. In both cases, he is not required to pay off the principal or interest during his 4 yr of medical school. However, at the end of 4 yr, he will owe a total of $19,200 for the interest from both loans. How much did he borrow from each source?
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