# 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

Algebra ->  Algebra  -> Customizable Word Problem Solvers  -> Finance -> 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      Log On

 Ad: Over 600 Algebra Word Problems at edhelper.com Ad: Algebrator™ solves your algebra problems and provides step-by-step explanations! Ad: Algebra Solved!™: algebra software solves algebra homework problems with step-by-step help!

 Word Problems: Money, Business and Interest Solvers Lessons Answers archive Quiz In Depth

 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(15652)   (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