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Terry and Jim have two car loans totaling $ 26,004.
One loan has an annual percentage rate (APR) of 3.1 % and the other has an APR of 7%.
If the total interest they paid after one year is $1,481.25, what is the amount owed on each car?
(1 = PRT. Note t = 1 year).
Answer needed right away!!

Respuesta :

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Using the simple interest formular, the amount owed on each car are $8693.076 and $17310.923

  • Total loan = 26004

Let :

  • amount owed at 3.1% = p
  • Amount owed at 7% = 26004 - p

Recall :

  • Interest = principal × rate × time

After 1 year :

(p × 3.1% × 1) + ((26004 - p) × 7% × 1) = 1481.25

0.031p + 1820.28 - 0.07p = 1481.25

-0.039p = - 339.03

p = 8693.076

Amount owed on second car :

  • 26004 - 8693.076 = $17310.923

Hence, the amount owed on each car are $8693.076 and $17310.923

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