Solving a Student Loan Interest Application Using a System of Equations
To determine the separate principal amounts for different loans when only the total principal and total interest are given, set up a system of equations by adapting mixture models. For example, if Rosie owes on two student loans—a bank loan at interest and a federal loan at interest—and her total interest paid last year was , let be the bank loan principal and be the federal loan principal. The total loans equation is . The total interest equation is . Using substitution, this system yields and . The principal was for the bank loan and for the federal loan.
0
1
Tags
OpenStax
Intermediate Algebra @ OpenStax
Ch.4 Systems of Linear Equations - Intermediate Algebra @ OpenStax
Algebra
Related
Solving a Science Center Ticket Mixture Application
Solving a Coin Mixture Problem Using a System of Equations
Solving a Quarters and Dimes Mixture Problem Using a System of Equations
Solving a Nickels and Quarters Mixture Problem Using a System of Equations
Solving a Laboratory Acid Mixture Problem Using a System of Equations
Solving a Sulfuric Acid Mixture Application Using a System of Equations
Solving a Hydrochloric Acid Mixture Problem Using a System of Equations
Solving a Trail Mix Mixture Problem Using a System of Equations
Solving a Nut Mix Application Using a System of Equations
Solving a Recipe Mixture Application Using a System of Equations
Setting Up an Interest Application Using a System of Equations
Solving an Investment Fund Interest Application Using a System of Equations
Solving a Savings and Stock Interest Application Using a System of Equations
Solving a Dual Stock Interest Application Using a System of Equations
Solving a Student Loan Interest Application Using a System of Equations
Solving a Dual Student Loan Interest Application Using a System of Equations