Problema Solution
A bank loaned out $15,000, part at 6% interest per year and part at 14%, if the interest received in one year was $1500, what part was loaned out at 6%
Answer provided by our tutors
let
x = the part loaned at 6%
y = the part loaned at 14%
a bank loaned out $15,000
x + y = 15000
y = 15000 - x
the interest received in one year was $1500
0.06x + 0.14y = 1500
plug y = 15000 - x into the last equation
0.06x + 0.14(15000 - x) = 1500
by solving we find
x = $7,500
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$7,500 were loaned at 6%.