Problema Solution
A bank loaned out $17,000, part of it at the rate of 6% per year and the rest at 14% per year. If the interest received in one year totaled $1500, how much was loaned at 6%?
Answer provided by our tutors
Let
x = the money loaned at rate 6% per year
y = the money loaned at rate 14% per year
The bank loaned out $17,000 means:
x + y = 17000
The interest received in one year totaled $1,500:
0.06x + 0.14y = 1500
We have the following the system of equations:
x + y = 17000
0.06x + 0.14y = 1500
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Click here to see the step by step solution for x and y
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x = $11,000
y = $6,000
The bank loaned $600 at rate of 6% per year.