Question
Asked Dec 23, 2019
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Michelle borrows a total of $5000 in student loans from two lenders. One charges 4.6% simple interest and the other charges 6.2% simple interest. She is not required to pay off the principal or interest for 3 yr. However, at the end of 3 yr, she will owe a total of $762 for the interest from both loans. How much did she borrow from each lender?

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Expert Answer

Step 1

Given Michelle borrows a total of $5000 in student loans from two lenders. One charges 4.6% simple interest and the other charges 6.2% simple interest. She is not required to pay off the principal or interest for 3 yr. However, at the end of 3 yr, she will owe a total of $762 for the interest from both loans

Step 2

Let x be the first amount and y be the second.

Step 3

According to the gi...

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..(1) x + y = 5000

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MathAlgebra

Equations and In-equations

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