Question

Help please

A bank loaned out $25,000, part of it at the rate of 3% annual interest, and the rest at 9% annual interest. The total interest earned for both loans was $1,770.00. How much was loaned at each rate?


$----------- was loaned at 3% and

$-----------was loaned at 9%.

Answer 1

So, $8,000 was loaned at 3% interest and $17,000 ($25,000 - $8,000) was loaned at 9% interest.

Explanation:

Let x be the amount loaned at 3% interest and y be the amount loaned at 9% interest.We know that the total loan amount is $25,000, so we have:x + y = 25000. We also know that the total interest earned on both loans was $1,770, so we have:0.03x + 0.09y = 1770. To solve for x and y, we can use the first equation to express y in terms of x:y = 25000 - x. Substituting this into the second equation, we get:0.03x + 0.09(25000 - x) = 1770. Simplifying and solving for x, we get:0.03x + 2250 - 0.09x = 1770-0.06x = -480x = 8000 So, $8,000 was loaned at 3% interest and $17,000 ($25,000 - $8,000) was loaned at 9% interest.