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Jan borrows a total of $125,000 to pay for medical school. He borrows part of the money from the school whereby he will pay 6% simple interest. He borrows the rest of the money through a government grant that will charge him 6.2% interest. In both ases, he is not required to pay off the principal or interest during his 3 years of medical school. However, at the end of 3 years, e will owe a total of $17,673 for the interest from both loans. How much did he borrow from each source? Part 1 of 2 Juan borrowed S Part 2 of 2 Juan borrowed S at 3.6%. at 6.2%

Jan borrows a total of $125,000 to pay for medical school. He borrows part of the money from the school whereby he will pay 6% simple interest. He borrows the rest of the money through a government grant that will charge him 6.2% interest. In both ases, he is not required to pay off the principal or interest during his 3 years of medical school. However, at the end of 3 years, e will owe a total of $17,673 for the interest from both loans. How much did he borrow from each source? Part 1 of 2 Juan borrowed S Part 2 of 2 Juan borrowed S at 3.6%. at 6.2%

Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter3: Solving Equation And Problems
Section3.7: Costs, Income, And Value Problems
Problem 10P
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Juan borrows a total of $125,000 to pay for medical school. He borrows part of the money from the school whereby he will pay 3.6% simple interest. He borrows the rest of the money through a government grant that will charge him 6.2% interest. In both cases, he is not required to pay off the principal or interest during his 3 years of medical school. However, at the end of 3 years, he will owe a total of $17,673 for the interest from both loans. How much did he borrow from each source? Part 1 of 2 Juan borrowed S Part 2 of 2 Juan borrowed $ at 3.6%. at 6.2%.
Transcribed Image Text:Juan borrows a total of $125,000 to pay for medical school. He borrows part of the money from the school whereby he will pay 3.6% simple interest. He borrows the rest of the money through a government grant that will charge him 6.2% interest. In both cases, he is not required to pay off the principal or interest during his 3 years of medical school. However, at the end of 3 years, he will owe a total of $17,673 for the interest from both loans. How much did he borrow from each source? Part 1 of 2 Juan borrowed S Part 2 of 2 Juan borrowed $ at 3.6%. at 6.2%.
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