Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Transcribed Image Text:Michelle borrows a total of $2500 in student loans from two lenders. One charges 3.2% simple interest and the other charges
5.1% simple interest. She is not required to pay off the principal or interest for 2 yr. However, at the end of 2 yr, she will owe a
total of $198 for the interest from both loans. How much did she borrow from each lender?
Part: 0/ 2
Part 1 of 2
Michelle borrowed $
at 3.2%.
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