You have two loans, for 2 years each. The total interest for the two loans is $138. On the first loan, you pay 7.5% simple interest on a principal of $800. On the second loan, you pay 3% simple interest. What is the principal for the second loan?
thanks!!!!
2 x [$800 x 7.5%] + 2 x [L x 3%] =$$138
[2 x $60] + 0.06L = $138
$120 + 0.06L = $138
0.06L =$138 -$120
0.06L = $18
L = $18 / 0.06
L =$300 - amount of second loan.