Question

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 of 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%.

Answer 1

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

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