SOLUTION: A bank loaned out $8,000, part of it at the rate of 13% annual interest, and the rest at 8% annual interest. The total interest earned for both loans was $890.00. How much was loan
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Question 1050977: A bank loaned out $8,000, part of it at the rate of 13% annual interest, and the rest at 8% annual interest. The total interest earned for both loans was $890.00. How much was loaned at each rate?
$______ was loaned at 13% and
$______ was loaned at 8%
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
A person has 
currency units invested in 2 accounts.
One account earns 
percent interest, and the other account earns 
percent interest.
The two accounts earn a total of 
interest in one year.
How much is invested in each account?
Let 
be the amount invested at percent. Then the amount invested at percent is 
, and:
\ =\ I)
Solve for , then calculate
John
My calculator said it, I believe it, that settles it
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