SOLUTION: A bank loaned out $29,000, part of it at the rate of 4% annual interest, and the rest at 9% annual interest. The total interest earned for both loans was $1,760.00. How much was lo
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Question 269845: A bank loaned out $29,000, part of it at the rate of 4% annual interest, and the rest at 9% annual interest. The total interest earned for both loans was $1,760.00. How much was loaned at each rate?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
.09x+.04(29,000-x)=1,760
.09x+1,160-.04x=1,760
.05x=1,760-1,160
.05x=600
x=600/.05
x=12,000 amount invested @ 9%.
29,000-12,000=17,000 amount invested @ 4%.
Proof:
.09*12,000+.04*17,000=1,760
1,080+680=1,760
1,760=1,760
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