SOLUTION: A bank loaned out $9,000, part of it at the rate of 12% annual interest, and the rest at 14% annual interest. The total interest earned for both loans was $1,110.00. How much was l
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Question 1184071: A bank loaned out $9,000, part of it at the rate of 12% annual interest, and the rest at 14% annual interest. The total interest earned for both loans was $1,110.00. How much was loaned at each rate?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
let A = amount invested at 12%.
let B = amount invested at 14%.
your two equations that need to be solved simultaneously are:
A + B = 9000
.12A + .14B = 1110
multiply both sides of the first equation by .12 and leave the second equation as is to get:
.12A + .12B = 1080
.12A + .14B = 1110
subtract the first equation from the second to get:
.02B = 30
solve for B to get:
B = 30/.02 = 1500
since A + B = 9000, then A must be equal to 9000 - 1500 = 7500
A + B = 9000 becomes 7500 + 1500 = 9000 which is true.
.12A + .14B = 1110 becomes 900 + 210 = 1110 which is also true.
the solution is confirmed to be good.
the solution is that 7500 was loaned at 12% and 1500 was loaned at 14%.
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