Two car loans

Question

Yuki and Albert have 2 carloads totalling 24000 in any $5 1 learn has an APR of 2.7% and the other has an APR of 4% if the total interests they paid after one year is $860.21 what is the amount owed on each car ?

Answer 1

 

X + Y = 24000 ---> Y = 24000 - x 

 

2.7% = 0.027

4% = 0.04

 

0.027X + 0.04Y = 860.21

 

27X + 40Y = 860210 <--- multiplies everything by 1000 to clear away the decimals

 

27X + 40( 24000 - x) = 860210

 

27x + 960000 - 40x = 860210

 

-13X + 960000 = 860210

 

-13x = 860210 - 960000

 

-13x = -99790

 

x = 7676.15

 

Y = 24000 - 7676.15 =16323.85

 

7676.15 x 0.027 + 16323.85 x 0.04 = 207.25 + 652.95 = 860.204