Samantha took out two loans totaling $6,000 to pay her first year of college. she borrowed the maximum amount she could at 3.5% simple annual interest and the remainder at 7% simple annual interest. at the end of the first year, she owed $259 in interest. how much was borrowed at each rate?

Our simple interest formula is I = prt, where I is the amount of interest, p is the amount of principal, r is the percentage written as a decimal, and t is the amount of time (in this case in years).  We will define our variable x as the amount borrowed at the lower percentage rate.  Our formula would then look like
.  (Remember that when we convert percentages to decimals, we divide by 100; 3.5/100 = 0.035.)
The remaining money borrowed was invested at 7% interest.  The expression to represent the remaining money would be 6000 - x, as it is what was left over to borrow.  The interest formula for this loan would be
. (Again, we must divide 7 by 100 to convert the percentage; 7/100=0.07.)
Using the distributive property we have:
(t in this case is 1, since it is 1 year.)
The total amount of interest for both loans for one year was $259, so we have:

Combine our like terms:

Cancel 420 by subtracting:

Cancel -0.035 by dividing:

This means she borrowed $4600 at the lower interest rate.  The remainder would be $6000-$4600=$1400 at the higher interest rate.

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