You have two loans, for 2 years each. the total interest for the two loans is $138. on the first loan, you pay 7.5% simple interest on a principal of $800. on the second loan, you pay 3% simple interest. what is the principal for the second loan?

$300

Step-by-step explanation:

We are told that you have two loans, for 2 years each. The total interest for the two loans is $138. On the first loan, you pay 7.5% simple interest on a principal of $800.

Let us find the amount of interest for 1st loan.

, where,

I = Amount of interest,

P = Principal amount,

r = Interest rate in decimal form,

t = Time

Let us convert our given rate for 1st loan in decimal form

Now let us find the amount interest for 2nd loan.

Let us convert our given rate for 2nd loan in decimal form

Upon substituting our given values for 2nd loan in interest formula we will get,

Therefore, the principal amount for the 2nd loan is $300.

hello i am doing good for you that it's summer in your country or state ; )

btw in my country we just have sun and rain as (because i live in the caribbean lol)

also, thx a lot for the points : )