Math

AlgebraQ&A LibraryMichelle 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?Question

Asked Dec 23, 2019

166 views

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?

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...

Find answers to questions asked by student like you

Show more Q&A

Q: Find the 46th term of an arithmetic sequence with a1 = 210 and a60 = −262.

A: Given,

Q: For Exercise, match the statement with the property that describes it. a. Identity property of addit...

A: Click to see the answer

Q: For Exercise, two terms of an arithmetic sequence are given. Find the indicated term. c21 = −11.16, ...

A: Using c21 = −11.16, c116 = −7.36 we will find c1 and common difference d.

Q: solve the equation or inequality. Write the solution set to the inequalities in interval notation. 0...

A: Given: -

Q: A certain pickup truck gets 16 mpg in the city and 22 mpg on the highway. If a driver drives 254 mi ...

A: Click to see the answer

Q: solve the system by using Gaussian elimination or Gauss-Jordan elimination. 2x-5y+18z=44 x-3y+11z=27...

A: Gaussian elimination, also known as row reduction is used for solving a system of linear equations.T...

Q: For Exercise, solve the inequality. Write the solution set in interval notation. 3|x + 2| − 1 > 8

A: Given: The inequality

Q: Which of the two rates would yield the larger amount in 1 year: 9% compounded monthly or 9% compound...

A: 9%=0.09If compounded monthly then in 1 year it will be compounded 12 times. Initial amount = P , A=F...

Q: a.Write an expression for the nth term of the arithmetic sequence {an} with a1= −19, and d = 5. b. F...

A: Given,