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Loans Bill took out two loans that totaled $15,000. One

of the loans charges 12% per year, and the other charges

10% per year. If the total interest charged in the first year

is $1,600, how much was each loan?

Respuesta :

Let, money in loan with 12% interest is x.

So, money in loan with 10% interest is 15000-x.

Now , sum of interest :

[tex]\dfrac{12x}{100}+\dfrac{10(15000-x)}{100}=1600\\\\12x+150000-10x=160000\\\\2x=10000\\\\x=5000[/tex]

Therefore, money on 12% interest is $5000 and 10% interest is $10000.

Hence, this is the required solution.

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