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Answer:
$7,000 at a rate of 7% and $21,000 at a rate of 14%.
Step-by-step explanation:
Let x be amount invested at 7% and y be amount invested at 14%.
We have been given that a women's professional organization made two small-business loans totaling $28,000. We can represent this information in an equation as:
The interest earned at 7% in one year would be and interest earned at 14% in one year would be
.
We are also told that the organization received from these loans was $3,430. We can represent this information in an equation as:
Form equation (1), we will get:
Upon substituting this value in equation (2), we will get:
Therefore, an amount of $21,000 was invested at a rate of 14%.
Therefore, an amount of $7,000 was invested at a rate of 14%.
X=29 and y=10
You would isolate one of the variables and then plug the expression into the other equation to find the value of one variable. Then you would plug this value into the other equation to determine the value of the remaining variable.
You would isolate one of the variables and then plug the expression into the other equation to find the value of one variable. Then you would plug this value into the other equation to determine the value of the remaining variable.