Question

A bank loaned out $19,500, part of it at the rate of 11% annual interest, and the rest at 7% annual interest. The total interest earned for both loans was $1,485.00. How much was loaned at each rate?
____ was loaned at 11% and
____was loaned at 7%.

Answer 1

The amount loaned at the interest rate of 11% is $3000.

The amount loaned at the interest rate of 7% is $16,500

What are the linear equations that represent the question?
a + b = 19500 equation 1

0.11a + 0.07b = 1485 equation 2

Where:

a = amount loaned at the interest rate of 11%

b = = amount loaned at the interest rate of 7%

How much was loaned at 11% and 7%

In order to determine how much was loaned at 7%, take the following steps:

Multiply equation 1 by 0.11:

.11a + 0.11b = 2145 equation 3

Subtract equation 2 from equation 3:

0.04b = 660

Divide both sides by 0.04:

b = 16,500

Subtract 16,500 from 19,500 :

19,500 - 16,500 = $3000

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