To buy both a new car and a new house, Tina sought two loans totalling $191,610. The simple interest rate on the first loan was 6.3%, while the simple interest rate on the second loan was 8.8%. At the end of the first year, Tina paid a combined interest payment of $16,681.66. What were the amounts of the two loans?
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Let x be the amount loaned with 6.3% interest.
Let 191,610 - x be the amount loaned with 8.8% interest.
0.063x + 0.088(191,610 - x) = 16,681.66
0.063x + 16,861.68 - 0.088x = 16,681.66
0.025x = 180.02
x = 7,200.8
191,610 - x = 184,409.2
Therefore, $7,200.80 was loaned with 6.3% interest, while $184,409.20 was loaned with 8.8% interest.
Let 191,610 - x be the amount loaned with 8.8% interest.
0.063x + 0.088(191,610 - x) = 16,681.66
0.063x + 16,861.68 - 0.088x = 16,681.66
0.025x = 180.02
x = 7,200.8
191,610 - x = 184,409.2
Therefore, $7,200.80 was loaned with 6.3% interest, while $184,409.20 was loaned with 8.8% interest.