Question

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?

Answer 1

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

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

Now , sum of interest :

`(12x)/(100)+(10(15000-x))/(100)=1600\\\\12x+150000-10x=160000\\\\2x=10000\\\\x=5000`

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

Hence, this is the required solution.