word problems..

Question

A business has two loans totaling $85,000. One loan has a rate of 6% and the other has a rate of 4.5% This year, the business expects to pay $4,650 in interest on the two loans. How much is each loan?

Answer 1

a + b = 85,000 ----> a = 85,000 - b

0.06a + 0.045b = 4650

0.06(85,000 - b) + 0.045b = 4650

5100 - 0.06b + 0.045b = 4650

0.015b = 450

b = 30,000

a = 85,000 - 30,000

a = 55,000