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3 November, 18:46

John received $9,000 in student loans. Part of the money he was able to borrow 7% simple interest, but on the rest of the money he was charged 8.25% simple interest. At the end of the year he owed $706.25 in interest. How much did John borrow at each rate?

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  1. 3 November, 20:01
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    0.07x+0.0825 (9000-x) = 706.25

    Solve for x

    X=2900 at 7%

    9000-2900=6100 at 8.25%
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