Answer:
1) bank loaned at 9% = $11,066
2) bank loaned at 17% = $5,934
3) bank loaned at 6% = $1,020
Step-by-step explanation:
Step 1:
assume;
1) x is the amount loaned for 9%
2) y is the amount loaned for 17%
3) z is the internet amount received after one year = $2,000
4) A is total amount loaned = $17,000
Step 2:
bank loaned $17,000 for 9% and 17% interest therefor;
A=X+Y
17000 = X + Y
For X;
X=17000-Y
Step 3:
Interest received at the end of one year will be;
Z= (X*9%) +(Y*17%)
2000 = X(9/100) + Y(17/100)
2000 = X(0.09) + Y(0.17)
For X;
X(0.09) = 2000-0.17Y
X= (2000-0.17Y)/0.09
X= (2000/0.09) - (0.17/0.09)Y
X= 22,222 - 1.88Y
Step 4:
We have two values of X from Step 2 and 3, now compare both;
17000-Y = 22,222 - 1.88Y
For Y
1.88Y - Y = 22,222-17,000
0.88Y = 5,222
Y = 5,222/0.88
Y = $5,934
Step 5:
For X;
X=17,000-Y
X = 17,000-5,934
X= $11,066
Step 6:
For last question that is how much bank loaned for 6%, assume it is B;
B= 17,000 * 6%
B = 17,000 * (6/100)
B = 17,000 * 0.06
B = $1,020
