Question: Dimitri's two student loans total $9000. One loan is at 5% simple interest and the other is at 6% simple interest. At the end of

Dimitri's two student loans total $9000. One loan is at 5% simple interest and the other is at 6% simple interest. At the end of 1 year, Dimitri owes $492 in interest. What is the amount of each loan?

Step by Step Solution

★★★★★

3.36 Rating (152 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Let x the amount borrowed at 5 The... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

864-L-A-L-S (152).docx

120 KBs Word File

Students Have Also Explored These Related Linear Algebra Questions!

During four years of college, Nolan MacGregor's student loans are $4000, $3500, $4400, and $5000 for freshman year through senior year, respectively. Each loan amount gathers interest of 1%,...

The average college senior graduated this year with more than $19,000 in debt was the beginning sentence of a recent article in USA Today. The majority of students have loans that are not due until...

Two students play the following game. Two dice are tossed. If the sum of the numbers showing is less than 7, student A collects a dollar from student B. If the total is greater than 7, then student B...

student borrows a total of $ 4 3 0 0 in student loans from two lenders. Bank One charges 3 . 8 % simple interest and Bank Two charges 8 , 2 % simple interest. At the end of one year, the student will...

Barry Wood wants to buy a used car that costs $4,000. He has two possible loans in mind. One loan is through the car dealer; it is a three year add-on interest loan at 6 and requires a down payment...

Need Help Completing a work project for Estate Planning. I included the attached document the professor provided. List below are the questions that I need assistance with. (Note: I lost my hp 10bII+...

Need Help with the following questions: I have attached the document used for this assignment. Thank You. Assume that Michelle is self-employed. What are her retirement plan options? 2. By using the...

Hi again! I need help with the attached homeworks to be completed ASAP. Are you available? Thank you! Assignment 6 Name: The Fed and Monetary Policy (Chapter 9 & 10) 1. Go to...

Suppose that you just completed your first year of college with RM11,000 in loans and plan to borrow the maximum each year from now until graduation. You have never accounted for the way you spend...

In navigation systems it is important to align a system to the vertical. This can be accomplished by measuring the vertical acceleration and controlling the platform so that the measured acceleration...

a) Prove that if x1 > 2 and xn+1 = 1 + xn - 1 for n N, then 2

How should you fold an invoice that will be placed in a window envelope? Multiple Choice fold the invoice in half lengthwise fold the invoice in half, then fold it in half again fold the invoice in...

100. Work performance reports on the status of deliverables and what has been accomplished in the project is part of which process group? A. Initiating B. Executing C. Closing D. Planning

Explain the difference between a polynomial function and a rational function.

Since 2006, total admissions to state and federal prisons have been declining The quartic function Where x is the number of years after 2001, can be used to estimate the number of admissions to state...

The percentage of adults in the United States who are obese is increasing.The cubic function Where x is the number of years after 2008, can be used to estimate the percentage of adults who are obese....

George Caloz & Frres, located in Grenchen, Switzerland, makes luxury custom watches in small lots. One of the companys products, a platinum diving watch, goes through an etching process. The company...

9. Find the annual payment amount and complete an amortization schedule for an amortized loan with a fixed payment, assuming a 5 year loan with a 6% interest rate and a principal amount of $10,000....

Wine and Roses, Inc., offers a bond with a coupon of 100 percent with semiannual payments and a yield to maturity of 1100 percent The bonds mature in 9 years. What is the market price of a $1,000...