SOLUTION: A bank loaned out $19,500, part of it at the rate of 9% annual interest, and the rest at 12% annual interest. The total interest earned for both loans was $2,085.00. How much was l
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Question 1156294: A bank loaned out $19,500, part of it at the rate of 9% annual interest, and the rest at 12% annual interest. The total interest earned for both loans was $2,085.00. How much was loaned at each rate?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
A bank loaned out $19,500, part of it at the rate of 9% annual interest, and the rest at 12% annual interest. The total interest earned for both loans was $2,085.00. How much was loaned at each rate?
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n = amount @ 9%
t = amount @ 12%
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n + t = 19500
0.09n + 0.12t = 2085
etc
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