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Solve the Problem $5,000\$ 5,000 In Student Loan from Two Lenders 4.1%4.1 \%

Question 34

Multiple Choice

Solve the problem.
-Franco borrows a total of $5,000\$ 5,000 in student loan from two lenders. One charges 4.1%4.1 \% simple interest and the other charges 6.1%6.1 \% simple interest. He is not required to pay off the principal for 3yr3 \mathrm { yr } .
However, at the end of 3yr3 \mathrm { yr } , he will owe a total of $825.00\$ 825.00 for interest from both loans. How much did he borrow from each lender?


A) She borrowed $3,900\$ 3,900 at 4.1%4.1 \% and $1,100\$ 1,100 at 6.1%6.1 \% .
B) She borrowed $1,100\$ 1,100 at 4.1%4.1 \% and $3,900\$ 3,900 at 6.1%6.1 \% .
C) She borrowed $1,500\$ 1,500 at 4.1%4.1 \% and $3,500\$ 3,500 at 6.1%6.1 \% .
D) She borrowed $3,500\$ 3,500 at 4.1%4.1 \% and $1,500\$ 1,500 at 6.1%6.1 \% .

Correct Answer:

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