True/False

A business owner is managing two separate business loans with interest rates of 3%{}3\% and 5%{}5\%. True or False: If the total interest paid for the year was 1,200 dollars, the equation used to represent this interest in a system of equations is 0.03x+0.05y=1,200{}0.03x + 0.05y = 1{,}200 (where xx and yy are the principal amounts of each loan).

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Updated 2026-05-25

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