Do I have this correct?
2 answers:
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Answer:
The loaned amount at 11 % is $ 19,000
The loaned amount at 10 % is $ 2,500
Step-by-step explanation:
Given as :
The total loan amount = $21,500
The total interest earn = $2,340.00
The rate of interest are 11 % and 10 %
Let The loan amount at 11 % rate = $P
and The loan amount at 10 % rate = $21,500 - $P
Let The loan took for 1 year
Now,<u> From Simple Interest method </u>
Simple Interest =
=
Or, =
Similarly
=
∵ +
= $2,340
Or, +
= $2,340
Or, 11 P - 10 P + 215000 = 234000
Or, P = 234000 - 215000
∴ P = $ 19,000
And $21,500 - $ 19,000 = $ 2,500
Hence The loaned amount at 11 % is $ 19,000
And The loaned amount at 10 % is $ 2,500 Answer