Answer:
$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.
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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
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Now let us find the amount interest for 2nd loan.
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Let us convert our given rate for 2nd loan in decimal form
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Upon substituting our given values for 2nd loan in interest formula we will get,
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Therefore, the principal amount for the 2nd loan is $300.
