Problem 16. Tina borrowed two student loans and owes $25,000 in total on these loans. Last year she paid the total amount of interest of $2,185. Given, that the interest rate on the federal loan is 16% and the interest rate on the bank loan is 5%. What is the principal for each loan? 1. $16,500 and $8,800 $16,000 and $9,000 2 3. $15,000 and $10,000 4. $8,500 and $16,500 5. $11,000 and $14,000
Problem 16. Tina borrowed two student loans and owes $25,000 in total on these loans. Last year she paid the total amount of interest of $2,185. Given, that the interest rate on the federal loan is 16% and the interest rate on the bank loan is 5%. What is the principal for each loan? 1. $16,500 and $8,800 $16,000 and $9,000 2 3. $15,000 and $10,000 4. $8,500 and $16,500 5. $11,000 and $14,000
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Problem 16.
Tina borrowed two student loans and owes $25,000 in total on these loans. Last year she paid the total amount of
interest of $2,185. Given, that the interest rate on the federal loan is 16% and the interest rate on the bank loan is 5%. What is the principal
for each loan?
1. $16,500 and 88,800
2.
$16,000 and $9,000
3. $15,000 and $10,000
$8,500 and $16,500
4.
5. $11,000 and $14,000
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