Nathan owes $42,650 on two bank loans. The interest rate on the car loan is 7.5% and the interest rate on the home loan is 4.1%. The total amount of interest he paid last year was $1894.85. What was the principal for each loan?

Nathan owes $42,650 on two bank loans. The interest rate on the car loan is 7.5% and the interest rate on the home loan is 4.1%. The total amount of interest he paid last year was $1894.85. What was the principal for each loan?

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter2: Solving Linear Equations

Section2.2: Use A Problem Solving Strategy

Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...

See similar textbooks

Related questions

Q: Hannah has $33,292 in a savings account with simple interest. If she deposited $28,700 two years…

A: NOTE: Refresh your page if you can't see any equations. . here we have A=33292 P=28700 t=2 years

Q: Mr. oniel borrows $750 for 4 months at 6% interest how much interest does he pay.

A: Given, Mr. oniel borrows $750 for 4 months at 6% interest.To find : How much interest…

Q: Joy Wigens, who works at Putnam Investments, received a check for $2,670. She deposited 1/3 of the…

A: Depositing money in the bank refers to placing the money in the bank to get an interest rate.…

Q: Julie borrowed $8200 at a simple interest rate of 0.5% per month. How much interest will she owe…

A: Given : Julie borrowed $8200 at a simple interest rate of 0.5% per month. To Find : Simple…

Q: Morgan loaned $3,100 to Rolf at a simple interest rate of 0.65% per month. What was the term of the…

Q: Mr. Nelson had to borrow $1500 to purchase a new water heater after the snowpacalypse. The loan had…

A: Question is related to interest.

Q: Carolyn borrowed $38,500 to pay for college. If the interest rate is 3.2%, how much total will she…

A: A = P(1+r/100)n P = Principle A = amount r = interest rate n = number of years

Q: a car costs $12500 and youre offered a loan that requires $800 down and a monthly payment of 228.29…

A: Monthly payments of 228.29 for 66 months contribute to 228.29*66 = 15067.14 And 800 down payment.…

Q: Mac's credit card statement included $981.00 in cash advances and $23.18 in interest charges. The…

Q: Jefferson borrowed $4000 for his college tuition at an annual simple interest rate of 5.5%. When he…

Q: The total intrest that she paid on the loan was $270.

Q: Ari borrowed $20000 and paid it back over 6 years. The simple interest rate was 15% annually. How…

A: The principal amount, P = $20000 Interest rate, r = 15 % Time, t = 6 years

Q: Jean borrowed $14,919.00 from her parents to finance a vacation. If interest was charged on the loan…

Q: Ernie Rolph borrowed $5100 at 6% annual simple interest. If exactly 1 year later he was able to…

Q: Mrs. Stevens bought a Mustang for $ 25,000. If it depreciates at a rate of 15% a year. What is the…

A: Depreciation amount is equal to 15% of 25000.

Q: Mr. Sun borrowed $15,600 for 54 months at simple interest to pay for a new swimming pool. If Mr. Sun…

A: Given, P=$15600 T=54/12=4.5yrs Rate=R

Q: If you paid $47 to a loan company for the use of $1120 for 191 days, what annual rate of interest…

Q: Elle borrowed $15,000 for 4 years at an annual simple interest rate of 2.5%. Find the total amount…

A: The objective of this question is to calculate the total amount due on a loan. The total amount due…

Q: Kyle took out a loan at a simple interest rate of 6% for 10 years. He ended up having to pay $12,000…

Q: Johnny made ten annual payments of $1000 each into an account that pays 6% interest per year. What…

A: The given question can be solved as shown in step2.

Q: Melissa Silva borrowed $6300 from the bank. If she has already repaid 4/7 of the loan, what is the…

Q: Richard Porter pays $83.72 per month to pay back a loan, including interest, of $4,018.56. In how…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Determine the principal amount for each loan for the given problem

VIEW

Step 2: Calculation of to determine the principal amount of each loan

VIEW

Step 3: Calculation

VIEW

Solution

VIEW

Step by step

Solved in 4 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

Loren lent his brother $3,000 to help him buy a car. In four years, his brother paid him back the $3,000 plus $660 in interest. What was the rate of simple interest?
Melinda deposited $5,985 in a bank account with an interest rate of 1.9%. How much interest was earned in 2 years?
Susana invested a principal of $36,000 in her bank account that earned simple interest at an interest rate of 6.5%. How much interest did she earn in three years?
Jefferson borrowed $4000 for his college tuition at an annual simple interest rate of 5.5%. Whenhe repaid the loan, he paid a total of $4660. How long did Jefferson hold the loan?
Mr. Sun borrowed $15,600 for 54 months at simple interest to pay for a new swimming pool. If Mr. Sun paid the bank a total of $21,567.00, what was the simple interest rate of the loan?
Jean borrowed $14,919.00 from her parents to finance a vacation. If interest was charged on the loan at 8.28% p.a., how much interest would she have to pay in 120 days?
Ari borrowed $20000 and paid it back over 6 years. The simple interest rate was 15% annually. How much interest did Ari Pat over the six years?
Kyle took out a loan at a simple interest rate of 6% for 10 years. He ended up having to pay $12,000 in interest. What was the amount of his original loan (principal)?