document.write( "Question 978671: A bank loaned out $19,500, part of it at the rate of 2% annual interest, and the rest at 12% annual interest. The total interest earned for both loans was $2,140.00. How much was loaned at each rate? \n" ); document.write( "

Algebra.Com's Answer #600054 by richwmiller(17219) $\"\"$ $\"About$

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Total amount of money invested: $19500
\n" ); document.write( "x+y=19500,
\n" ); document.write( "Total yearly interest for the two accounts is: $2140
\n" ); document.write( "0.02*x+0.12*y=2140
\n" ); document.write( "x=19500-y
\n" ); document.write( "Substitute for x
\n" ); document.write( "0.02*(19500-y)+0.12*y=2140
\n" ); document.write( "Multiply out
\n" ); document.write( "390-0.02*y+0.12*y=2140
\n" ); document.write( "Combine like terms.
\n" ); document.write( "0.1*y=1750
\n" ); document.write( "Isolate y
\n" ); document.write( "y=$ 17500.00 at 12% earns $2100 interest
\n" ); document.write( "x=19500-y
\n" ); document.write( "Calculate x
\n" ); document.write( "x=$ 2000.00 at 2% earns $40 interest
\n" ); document.write( "Check
\n" ); document.write( "0.02*2000+0.12*17500=2140
\n" ); document.write( "40+2100=2140
\n" ); document.write( "2140=2140
\n" ); document.write( "If 2140=2140 is TRUE and neither x nor y is negative then all is well
\n" ); document.write( "codeint1
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