Simplify the expression: (2p + 1)(2) =
2 answers:
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Answer:
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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
0.07x + .15(20000-x) = 2000
0.07x + 3000 -0.15x = 2000
3000 -.08x = 2000
0-.08x = - 1000
x =12500