Problema Solution
A bank loaned out $66000, part of it at 9% per year and the rest at 4% per year. If the interest received was $4190, how much was loaned at 9%?
Answer provided by our tutors
Let
x = the amount loaned at 9%
y = the amount loaned at 4%
x + y = 66000
0.09x + 0.04y = 4190
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x = $31,000
y = $35,000
$35,000 was loaned at 9%.