Question

A bank loaned out ​$20,000​, part of it at the rate of 7 % per year and the rest at 15 % per year. If the interest received in one year totaled ​$2000​, how much was loaned at 7 %?

Answer 1

Answer:

The amount loaned at 7% was $12500

Step-by-step explanation:

Given:

principal amount  = $20000

Initial rate of interest  = 7%

Final rate of interest = 15%

Total interest received per year = $2000

To Find:

The amount loaned at the interest of 7%= ?

Solution:

Let x = amount ($) loaned at 7%

then

20000-x = amount ($) loaned at 15%

Now

7%  of x  + 15 % (20000 - x) = 2000

Converting percentage into decimal by dividing by 100

$\frac{7}{100} \times x + \frac{15}{100} \times (20000-x) = 2000$

0.07x + .15(20000-x) = 2000

0.07x + 3000 -0.15x = 2000

3000 -.08x = 2000

0-.08x = - 1000

$x =\frac{-1000}{-0.8}$

x =12500