MATH SOLVE

4 months ago

Q:
# When she graduates college Linda will owe 43,000 in student loans. The interest rate on the federal Liana is 4.5 % and the rate on the private is 2%. The total interest she owes for one year was 1,585. What is the amount of each loan

Accepted Solution

A:

Answer:federal loan amount = $29,000private loan amount = $14,000Step-by-step explanation:Total amount is 43000Let amount in federal be fandamount in private be 43,000 - fInterest rate at federal is 0.045Interest rate at private is 0.02THus, we can form the equation shown below and solve:f(0.045) + (43,000 - f)(0.02) = 15850.045f +860 - 0.02f = 15850.025f = 725f = 29,000and on private = 43,000 - 29,000 = 14,000Hencefederal loan amount = $29,000private loan amount = $14,000