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Juan borrows a total of $111,000 to pay for medical school. He borrows part of the money from the school whereby he will have to
Juan borrows a total of $111,000 to pay for medical school. He borrows part of the money from the school whereby he will have to pay 4.4% simple interest. He borrows the rest of the money through a government grant that will charge him 5.9% interest. In both cases, he is not required to pay off the principal or the interest during his 4 years of medical school. however, at the end of 4 years, he will owe a total of $21,906 for the interest from both loans. How much did he borrow from each source?
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