Question

A bank loaned out $15,000, part of it at the rate of 7% per year and the rest at 17% per year. If the interest received in one year totaled $2000, how much was loaned at 7%?

How much of the $15,000 did the bank loan out at 7%?

Answer 1

9514 1404 393

Answer:

$5,500

Explanation:

Let x represent the quantity loaned at 7%. Then the amount loaned at 17% is (15000-x), and the total interest is ...

0.07x +0.17(15000 -x) = 2000

-0.10x = -550 . . . . . . . . . collect terms, subtract 2550

x = -550/-0.10 = 5500 . . . . divide by the coefficient of x

The bank loaned $5,500 at 7%.