Question

A bank loaned out $33,500, part of it at the rate of 12% annual interest, and the rest at 14% annual interest. The total interest earned for both loans was $4,370.00. How much was loaned at each rate?​

Answer 1

Answer:

• $17,500 at 14%
• $16,000 at 12%

Step-by-step explanation:

Let x represent the amount loaned at 14%. Then the total interest earned is ...

  0.14x +0.12(33,500 -x) = 4,370

  0.02x = 350 . . . . . . . . . . subtract 4020 and simplify

  x = 17500 . . . . . . . . . divide by 0.02

The amount loaned at 12% is $33,500 -17,500 = $16,000.

  $17,500 was loaned at 14%

  $16,000 was loaned at 12%