Solve the problem.
-Stuart pays back two student loans over a 4 -yr period. One loan charges the equivalent of $3 \%$ simple interest and the other charges the equivalent of $5.5 \%$ simple interest. If the total amount borrowed was $\$ 32,000$ and the total amount of interest paid after 4 yr is $\$ 4,640$, find the amount borrowed from each loan.
A) 11,000 at $3 \%$ and 21,000 at $5.5 \%$
B) 8,000 at $3 \%$ and 24,000 at $5.5 \%$
C) 24,000 at $3 \%$ and 8,000 at $5.5 \%$
D) 21,000 at $3 \%$ and 11,000 at $5.5 \%$

Question

Quizplus · Accepted Answer

Let $x$ be the amount borrowed at $3\%$, and $y$ be the amount borrowed at $5.5\%$. We have two equations: $x + y = 32000$ and $0.03x + 0.055y = 4640$. Solving these equations simultaneously gives $x = 24000$ and $y = 8000$.

Solve the Problem 3%3 \%3% Simple Interest and the Other Charges the Equivalent Of

Solve the Problem $3 \%$ Simple Interest and the Other Charges the Equivalent Of