Question

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 year totaled $2000, how much was loaned at 7%?
How much of the $15,000 did the bank loan out at 7%?

Answer 1

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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%.