A bank loaned out $15,000, part of it at the rate of 7% per year and the rest at 17% per year. If the interest received in one y
ear totaled $2000, how much was loaned at 7%?
How much of the $15,000 did the bank loan out at 7%?
1 answer:
9514 1404 393
Answer:
$5,500
Step-by-step explanation:
Let x represent the quantity loaned at 7%. Then the amount loaned at 17% is (15000-x), and the total interest is ...
0.07x +0.17(15000 -x) = 2000
-0.10x = -550 . . . . . . . . . collect terms, subtract 2550
x = -550/-0.10 = 5500 . . . . divide by the coefficient of x
The bank loaned $5,500 at 7%.
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