5. Michelle borrow a total of $5000 in student loans from two lenders. One charges 4.6% simple interest and the other charges 6.2 % simple interest. She is not required to pay off the principal or interest for 3 years. However, at the end of 3 years, she will owe a total of $762 for the interest from both loans. How much did she borrow from each lender?
5. Michelle borrow a total of $5000 in student loans from two lenders. One charges 4.6% simple interest and the other charges 6.2 % simple interest. She is not required to pay off the principal or interest for 3 years. However, at the end of 3 years, she will owe a total of $762 for the interest from both loans. How much did she borrow from each lender?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Please show the work in detail and use system of equations to solve problem.
![**Problem 5: Loan Interest Calculation**
Michelle borrows a total of $5000 in student loans from two lenders. One lender charges 4.6% simple interest, and the other charges 6.2% simple interest. She is not required to pay off the principal or interest for 3 years. However, at the end of 3 years, she will owe a total of $762 for the interest from both loans. How much did she borrow from each lender?
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To solve this problem, use the formula for simple interest:
\[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \]
Set up equations based on the total interest from both loans and solve the system to find the amount borrowed from each lender.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6874e1f1-5298-4a44-ae8e-fa9c3662cb0d%2Fb08fe80c-da54-42aa-bafd-4743b1b08ffa%2Fi9el0fk_processed.png&w=3840&q=75)
Transcribed Image Text:**Problem 5: Loan Interest Calculation**
Michelle borrows a total of $5000 in student loans from two lenders. One lender charges 4.6% simple interest, and the other charges 6.2% simple interest. She is not required to pay off the principal or interest for 3 years. However, at the end of 3 years, she will owe a total of $762 for the interest from both loans. How much did she borrow from each lender?
---
To solve this problem, use the formula for simple interest:
\[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \]
Set up equations based on the total interest from both loans and solve the system to find the amount borrowed from each lender.
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