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JamesStone, Analyst, Programmer, Writer
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Experience:  BA English Teaching, Data Analyst 7 Years
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The difference between two loans is $10000 both loans have

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The difference between two loans is $10000 both loans have 5% annual interest rate. If the total interest is $2000 after one year, how much was each loan?
Submitted: 5 years ago.
Category: General
Expert:  JamesStone replied 5 years ago.

Ok, first we need to create an equation that properly demonstrates this scenario.

.05Y + .05X = 2000


X = Y + 10000
Which equates to

(Y x .05) + ((Y+10000) x .05) = 2000

Simplify to:

.05Y + .05Y + 500 = 2000


Divide both sides by .05

Y + Y + 10000 = 40000


Subtract 10000 from both sides and simplify

2Y = 30000

Y = 15000


Since Y is 15000, and the second amount is Y + 10000, your loan values are 15000 and 25000. The 15000 loan accrues $750 in interest, whereas the 25000 loan accrues the remaining $1250.


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