SOLUTION: I am having trouble setting up the following problem. I am not sure if the $43,750 is important in this question. A bank has loaned out $500,000, part of it at 6% per annum an

Question 498038: I am having trouble setting up the following problem. I am not sure if the $43,750 is important in this question.
A bank has loaned out $500,000, part of it at 6% per annum and the rest of it at 11% per annum. If the bank receives $43,750 in interest each year, how much was loaned at 6%?
Thank you.

Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
A bank has loaned out $500,000, part of it at 6% per annum and the rest of it at 11% per annum.
If the bank receives $43,750 in interest each year, how much was loaned at 6%?
:
Let x = amt loan out at 6%
The total was given as $500000, therefore
(500000-x) = amt loaned out at 11%
:
Write these as decimals
:
6% interest + 11% interest = total interest
.06x + .11(500000-x) = 43750
.06x + 55000 - .11x = 43750
.06x - .11x = 43750 - 55000
-.05x = -11250
x =
x = $225,000 loaned out 6%
:
:
You can confirm this by finding the amt loaned 11% (subtract 225000 from 500000)
then finding the interest earned on the this, add to the above interest and confirm it total 43750
RELATED QUESTIONS
I am having a lot of trouble with this question: "The area of a rectangle is 528 sq mm.... (answered by jim_thompson5910)

having trouble again. please help. I keep getting the wrong answer for a word problem, I... (answered by scott8148,edjones)

I am having trouble setting up the quadratic equation from this word problem. A... (answered by nerdybill,josgarithmetic)

Question: 0.2% of what number is 24 Problem: I am having a hard time setting up the... (answered by Fombitz)

Hello, I am having trouble with the following question. 'A frog jumps straight up off... (answered by rothauserc)

I am not sure if this is where I ask this question. The question asks, "Suppose that... (answered by josgarithmetic,Alan3354)

I am having trouble with two equations - solving for variables... A = P+PRT... (answered by stanbon)

Im having trouble setting up my radical problem. {{{ little 3 outside the square root... (answered by stanbon)

in going a certain distance, a train travelling at the rate of 40 km/h takes 2 hours less (answered by stanbon,rothauserc)