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?

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?

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter7: Systems Of Equations And Inequalities

Section7.2: Systems Of Linear Equations: Three Variables

Problem 63SE: You inherit one million dollars. You invest it all in three accounts for one year. The first account...

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