Franco borrows a total of $5,000 in student loan from two

Last updated: 7/11/2022

Franco borrows a total of $5,000 in student loan from two lenders. One charges 4.1% simple interest and the other charges 6.1% simple interest. He is not required to pay off the principal for 3 yr. However, at the end of 3 yr, he will owe a total of $825.00 for interest from both loans. How much did he borrow from each lender? Select one: a. She borrowed $1,100 at 4.1% and $3,900 at 6.1%. b. She borrowed $3,900 at 4.1% and $1,100 at 6.1%. c. She borrowed $1,500 at 4.1% and $3,500 at 6.1%. d. She borrowed $3,500 at 4.1% and $1,500 at 6.1%.