General

General

# The difference between two loans is \$10000 both loans have

Customer Question
5% annual interest rate. If...
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: 6 years ago.Category: General
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4/18/2011
Expert: JamesStone, Analyst, Programmer, Writer replied 6 years ago
JamesStone, Analyst, Programmer, Writer
Category: General
Satisfied Customers: 195
Experience: BA English Teaching, Data Analyst 7 Years
Verified

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

.05Y + .05X = 2000

Where

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.

JamesStone, Analyst, Programmer, Writer
Category: General
Satisfied Customers: 195
Experience: BA English Teaching, Data Analyst 7 Years
Verified
JamesStone, Analyst, Programmer, Writer
Category: General
Satisfied Customers: 195
195 Satisfied Customers
Experience: BA English Teaching, Data Analyst 7 Years

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