SOLUTION: A credit union loaned out $50,000, part at an annual rate of 5% and the rest at a rate of 8%. They collected combined simple interest of $3400 from the loans that year. How much

Question 217299: A credit union loaned out $50,000, part at an annual rate of 5% and the rest at a rate of 8%. They collected combined simple interest of $3400 from the loans that year. How much was loaned out at each rate?
I am struggling on how to set this up in the in a table and organizing the facts. Help is greatly appreciated.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
.05x+.08(50000-x)=3400
.05x+4000-.08x=3400
.03x=600
x=20000
5%=$20,000
8%=$30,000
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