document.write( "Question 415093: A bank loaned out $7,5000 part at 12% annual interest and the rest at 8% annual interest. The total interest earned for both loans was $680.00. How much was loaned at each rate? \n" ); document.write( "

Algebra.Com's Answer #291058 by mananth(16946) $\"\"$ $\"About$

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A bank loaned out $7,500 part at 12% annual interest and the rest at 8% annual interest. The total interest earned for both loans was $680.00. How much was loaned at each rate?\r
\n" ); document.write( "\n" ); document.write( "12.00% per annum ------------- x
\n" ); document.write( "8.00% per annum ------------ y
\n" ); document.write( "total investment 75000
\n" ); document.write( "Interest----- $680.00 \r
\n" ); document.write( "\n" ); document.write( "...
\n" ); document.write( "
\n" ); document.write( "x+y=7500 ------------------------1
\n" ); document.write( "12.00% x+8.00% y=$680.00
\n" ); document.write( "Multiply by 100
\n" ); document.write( "12x+8y= $68,000.00 --------2
\n" ); document.write( "
\n" ); document.write( "Multiply (1) by -12
\n" ); document.write( "we get
\n" ); document.write( "
\n" ); document.write( "-12x-12 y=-90000
\n" ); document.write( "
\n" ); document.write( "Add this to (2)
\n" ); document.write( "
\n" ); document.write( "-4y=-$22,000.00
\n" ); document.write( "
\n" ); document.write( "divide by-4
\n" ); document.write( "
\n" ); document.write( "y=$5,500.00investment at 8.00%
\n" ); document.write( "Balance $2,000.00 investment at 12.00% \n" ); document.write( "

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