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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Answer:
She is an undergraduate because more undergraduates are enrolled
Step-by-step explanation:
From the question, we understand that:
Undergraduate > Graduate
<em>This represents the base rate</em>
So, when taking a guess using the base rate, your guess will be that: the woman is an undergraduate.
The reason for this is that you know that there are more undergraduates than graduates enrolled in the course.
2/3 divided by 8/9 is 3/4
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