I need help with this problem simplifying fractions
1 answer:
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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%.