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You borrow a total of $8,000 in student loans from two lenders.One charges 3.1% simple...

You borrow a total of $8,000 in student loans from two lenders. One charges 3.1% simple interest and the other charges 2.8% simple interest. You don't have to start making payments on either loan for4 years. When you begin making payments you owe a total of $962 in interest. How much did you borrow from each lender?

  • Assign your variables (1 pt)

  • Write a system of equations to model the situation. (2 pts)

  • Solve the system using substitution or elimination (4 pts)

  • Write a sentence that explains your solution, in context (1 pt)

Solutions

Expert Solution

milcah answered 2 years ago
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