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SOVA2 [1]
2 years ago
5

A bank loaned out $8200, part of it at a rate of 7.9% per year and the rest of it at a rate of 7.4% per year. The total amount o

f interest owed to the bank at the end of one year was $614.67.
Find the amount of money that the bank loaned out at 7.9%.
Mathematics
1 answer:
Lady bird [3.3K]2 years ago
3 0

The amount that the bank loaned out at 7.9% is $1,574.00

How do represent the amounts lent at different rates?

On the assumption that x amount was loaned at 7.9% and that the remaining amount, (8,200-x) was loan out at 7.4%, we can determine the interest charged on each loan as the loan multiplied by the interest rate

interest on 7.9% loan=7.9%*x=0.079x

interest on 7.4% loan=7.4%*(8200-x)

interest on 7.4% loan=606.80-0.074x

total interest=0.079x+606.80-0.074x

total interest=0.005x+606.80

total interest on loans=614.67

614.67=0.005x+606.80

614.67-606.80=0.005x

7.87=0.005x

x=7.87/0.005

x=amount loaned at 7.9%=$1,574.00

y=$8200-$1574

y=$6,626.00

Find out more about bank loan interest rate on:brainly.com/question/20796174

#SPJ1

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4 0
3 years ago
Read 2 more answers
HELP
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Answer:

4-4=0

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17-3-4-10=0

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Step-by-step explanation:

4 0
3 years ago
(08.06 MC)
Aleks04 [339]
A. 2x+y=25; x+y=20
x represents cheese wafers and y represents chocolate wafers.

B. I will choose elimination since there is y and y. I can multiply one equation by -1 to get y and -y, which cancels out.
2x+y=25
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Add equations
x=5

Plug x in
5+y=20
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Final answer: 5 cheese wafers, 15 chocolate wafers
3 0
3 years ago
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