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VikaD [51]
3 years ago
12

A bank loaned out 16,000 ​$​, part of it at the rate of 6% per year and the rest at 14% per year. If the interest received in on

e year totaled 1500​$​, how much was loaned at 6%
Mathematics
1 answer:
MakcuM [25]3 years ago
6 0

Answer:

This question requires a comparison between two different variables 6% and 16% values.  If we let x=$ loaned on 6% loans and y=$ loaned on 16% loans, then we can relate two equations.

0.06x + 0.16y = $1500  --> referencing the interest earned from each percentage loaned.

x + y = $16000  --> referencing the total amount of money loaned out.

Rearrange either equation and substitute for a value in the other equation or use elimination to determine each individual variable.

Step-by-step explanation:

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Match each description of an algebraic expression with the symbolic form of that expression
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Answer:

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You just purchased two coins at a price of $670 each. Because one of the coins is more collectible, you believe that its value w
DerKrebs [107]

Answer:

The value of first coin will be $151.51 more than second coin in 15 years.

Step-by-step explanation:

You have just purchased two coins at a price of $670 each.

You believe that first coin's value will increase at a rate of 7.1% and second coin's value 6.5% per year.

We have to calculate the first coin's value after 15 years by using the formula

A=P(1+\frac{r}{100})^{n}

Where A = Future value

           P = Present value

           r = rate of interest

           n = time in years

Now we put the values

A=670(1+\frac{7.1}{100})^{15}

A=670(1+0.071)^{15}

A=670(1.071)^{15}

A = (670)(2.797964)

A = 1874.635622 ≈ $1874.64

Now we will calculate the value of second coin.

A=670(1+\frac{6.5}{100})^{15}

A=670(1+0.6.5)^{15}

A=670(1.065)^{15}

A = 670 × 2.571841

A = $1723.13

The difference of the value after 15 years = 1874.64 - 1723.13 = $151.51

The value of first coin will be $151.51 more than second coin in 15 years.

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