Ralph chase graduated from college with a dept of $20000. He had taken out two different kinds of loans : a government loan at 3.3% APR ( annual percentage rate, or interest after one year) and a private loan at 4.9% APR . If his total interest after one year was $804 , how much money did he borrow from each source ?
Answers
Answer:
Ralph borrowed $11,000 from the government source and $9,000 from the private source.
Step-by-step explanation:
Let:
x = government loan
y = private loan
x + y = 20,000 ............................................ (1)
x = 20,000 - y ............................................. (2)
0.033x + 0.049y = 804 ............................ (3)
Substitute equation (2) into (3) for x, we have:
0.033(20,000 - y) + 0.049y = 804
660 - 0.033y + 0.049y = 804
0.016y = 804 - 660
0.016y = 144
y = 144 / 0.016 = $9,000
Substitute $9,000 for y in equation (2), we have:
x = 20,000 - 9,000 = $11,000
Therefore, Ralph borrowed $11,000 from the government source and $9,000 from the private source.
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What is a mixed economy?
A system that has components of both both capitalism and socialism is called a mixed economy.
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Thus, in a mixed economy, the government is most likely to control the factors of production in the health care industry option (D) is correct.
Learn more about the mixed economy here:
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Answer:
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Step-by-step explanation:
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