Question

a bank loaned out $19000, part of it at the rate of 7% per year and the rest at 15% per year. if the interest received in one year totaled $2000, how much was loaned at 7%? How much of the $19000 did the bank loan out at 7%?

Answer 1

10625

Explanation:

Let x= the amount loaned at 7%

which means that the amount loaned at 15% is 19000-x (or the rest of the money)

we can write the following equation

x*.07+(19000-x)(.15)=2000

solve for x

.07x+2850-.15x=2000

-.08x= -850

x=10625