SOLUTION: loan= $500,000 part A = 6% each year part B = 11% each year if the bank recieves $43,750 in interest each year, how much was loaned at 6%?

Question 393387: loan= $500,000
part A = 6% each year
part B = 11% each year
if the bank recieves $43,750 in interest each year, how much was loaned at 6%?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
loan= $500,000
part A = 6% each year
part B = 11% each year
if the bank recieves $43,750 in interest each year, how much was loaned at 6%?
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Equations:
Quantity Eq::: x + y = 500,000
---
Interest Eq::0.11x + 0.06y = 43,750
====================
Multiply thru the 1st by 11.
Multiply thru the 2nd by 100.
--------------------------------
11x + 11y = 11*500,000
11x + 6y = 4375000
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Subtract the 2nd from the 1st and solve for "y":
5y = 1,125,000
---
y = $225,000 (amt. invested at 6%)
=================
500,000- 225,000 = 275,000 (amt. invested at 11%
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Cheers,
Stan H.
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