Problema Solution
A bank lends $10,000, part of itat 11% annual interest and the rest at 14%. If theannual income is $1,265, how much was lent at eachrate?
Answer provided by our tutors
let 'x' represent the amount lent at 11%, then '10000-x' represents the amount lent at 14%
interest = principal * rate * time
we assume time to be equal to 1
1265 = 0.11x + 0.04(10000-x)
solving for 'x' we have x=12357
this indicates an error in the problem statement since the amount lent at 11% ($12,357) exceeds the total amount of $10,000
perhaps the bank lent $100,000?