Nancy qualified for two loans that totaled 11000 One loan ch

Nancy qualified for two loans that totaled $11,000. One loan charges 9% per year, and the other loan charges 11% per year. If the total interest charged in the first year is $1, 150, how much was each loan? A store is located in a state that requires 6% tax on all items sold. If the store brings $3, 392 in one day, how of the total was sales tax? Solve the equations: |x| = 2, |2x - 1| = 3, |1 - x| = -1, |3x + 1| = 0, 1 + 2|x + 1| = 5. The sum of two consecutive odd integers is 100. Find the integers.

Solution

Intereset = Principle amount*time*rate

Total Amount of loan = $11000

Suppose amount of first loan = x

interest of 1st loan = 9% = 0.09

time = 1 yr

Interest on first loan = x*1*0.09

So amount of 2nd loan = $11000 - x

interest of 2nd loan =11% = 0.11

time = 1 yr

Interest on 2nd loan = (11000 - x)*1*0.11

Now given that

Total interest = $1150

x*0.09 + (11000 - x)*0.11 = 1150

11000*0.11 - 1150 = 0.11*x - 0.09*x

0.02*x = (11000*0.11 - 1150)

x = (11000*0.11 - 1150)/0.02 = $3000

first loan = $3000

Second loan = $8000