algebra story problem

Question

jon borrowed $2000 from 2 student loans. one loan charged 4.5% interest, the other 5%. The interest owed at the end was $462.50. What was the principal for each loan?

Answer 1

Since he borrowed a total of 2000, if one loan is x, the other has to be 2000 - x.  We use these two to set up the equation, i= pr ( interest =principal x rate)

.045 x + .05 (2000 - x) = 462.50

 

Solve and get the answers.  You CAN do it!