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AlgebraQ&A LibraryJuan 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?Question

Asked Dec 23, 2019

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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?

Step 1

Given:

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?

Step 2

Let there are two unknown quantity in the question. So, let assume first amount is *x* and another be *y*.

Step 3

Now forming the two ...

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