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A college used a $5,000 gift from an alumnus to make two student loans. The first was at 5% annual simple interest to a nursing student. The second was at 7% annual simple interest to a business major. If the college collected $310 in interest the first year, how much was loaned to each student?

Answer :

caylus
Hello,

Let x the amount allocated to the 1 student
Let y the amount allocated to the 2 student

x+y=5000
5/100 *x +7/100 * y =310

==>
5x+7y=31000 (1)
x+y=5000 (2)
(1)-5*(2)==>
2y=6000 ==>y=3000 and x=5000-3000=2000
Proof:
2000+3000=5000
5/100*2000+7/100*3000=100+210=310



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