Question

A bank loaned out ​$20 comma 000​, part of it at the rate of 6 % per year and the rest at 11 % per year. If the interest received in one year totaled ​$1500​, how much was loaned at 6 % question mark

Answer 1

At 6% was loaned $14,000

Explanation:

Let

x -----> amount loaned at 6%

($20,000-x) ----> amount loaned at 11%

we know that

The interest received on the amount loaned at 6% plus the interest received on the amount loaned at 11% must equal $1,500.

Remember that

`6\%=6/100=0.06`

`11\%=11/100=0.11`

so

`0.06(x)+0.11(20,000-x)=1,500`

`0.06x+2,200-0.11x=1,500`

`0.11x-0.06x=2,200-1,500`

`0.05x=700`

`x=\$14,000`

therefore

At 6% was loaned $14,000