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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?

Guest May 27, 2017
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 #1
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thanks!!!!

Guest May 27, 2017
edited by Guest  May 27, 2017
 #2
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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.

Guest May 27, 2017

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