Results 1 to 4 of 4

Thread: Interest

  1. #1
    Join Date
    Feb 2009
    Posts
    2,155
    Mentioned
    4 Post(s)
    Quoted
    42 Post(s)

    Default Interest

    Code:
    1. Samantha’s student loans total $30,000. Part was a personal loan at 10% interest; the other was a Stafford loan at 5%. After one year the loans accumulated $2,300 in interest. What was the amount of each loan?
    a) Develop an equation to represent the sum of the loans, use ‘x’ for the personal loan, use ‘y’ for the Stafford loan..
    
    b) Develop an equation to represent the interest accumulated in the first year. Use ‘x’ for the personal loan, use ‘y’ for the Stafford loan. 
    
    c) Use the equations from part a and b of this exercise as a system of equations. Use substitution to determine the amount of each loan. Show all your work from problem statement through the final result.
    
    d) What are the intercepts of the equation from part a of this problem? 
    Where would the lines intersect if you solved the system by graphing?\
    I honestly have NO idea even where to begin, so any help is GREATLY appreciated.
    Last edited by JPHamlett; 04-29-2011 at 04:24 AM.

  2. #2
    Join Date
    Mar 2007
    Posts
    3,042
    Mentioned
    1 Post(s)
    Quoted
    14 Post(s)

    Default

    Quote Originally Posted by MSN Chat from April 24th
    J_Pizzle: Hey, are you good at math?
    Method: what do you need help with?
    J_Pizzle: Ill show you the problem one sec
    J_Pizzle: http://pastebin.com/AmTh9a0E
    Method: where are you stuck?
    J_Pizzle: Part A, would it be .1x + .05y?
    Method: my guess would be 'x + y = 30000'
    Method: you know she has two loans, and they add up to 30k total
    J_Pizzle: Yes, so its x + y = 30000?
    Method: Method: my guess would be 'x + y = 30000'
    Method: i can't really see any other possibility
    J_Pizzle: Ok
    J_Pizzle: Thn
    J_Pizzle: Thnx*
    Method: you're welcome
    J_Pizzle: Would part B be my .1x + .05y = 2300?
    Method: yes
    Did I have this conversation with myself???
    :-)

  3. #3
    Join Date
    Oct 2009
    Location
    Stockton, CA
    Posts
    2,040
    Mentioned
    0 Post(s)
    Quoted
    1 Post(s)

    Default

    4 days ago and you're still on a simple problem like this?
    Join the IRC! irc.rizon.net:6667/srl | SQLite (0.99rc3+) | SRL Doc | Simba Doc | Extra Simba Libraries (openSSL & sqlite3)
    Quote Originally Posted by #srl
    10:45 < Toter> daphil when can get sex anyday I want
    10:45 < Toter> he is always on #SRL
    "A programmer is just a tool which converts caffeine into code"

  4. #4
    Join Date
    Aug 2006
    Posts
    408
    Mentioned
    0 Post(s)
    Quoted
    0 Post(s)

    Default

    a.
    Let x = money in personal loan at the beginning of the year
    Let y = money in Stafford loan at the beginning of the year
    Total Loan = $30,000 = x + y

    b. To get just the interest you take 10% of the money in personal loans and 5% of the Stafford loan.
    .10x + .05y = $2300

    c. Solve the equation in part a for x or y.
    y = $30,000 - x
    Now since the values of x and y (starting amount in each loan) are the same in both equations you can replace y in part b with 30,000-x
    We get the equation:
    .10x + .05(30,000-x) = $2300
    Then you solve for x. Then plug in your x value into one of your other equations to find y.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •