document.write( "Question 1196177: A bank loaned out $19,000, part of it at the rate of 7% per year and the rest at per 17% year. If the interest received in one year totaled $2500, how much was loaned at 7%? \n" ); document.write( "

Algebra.Com's Answer #828901 by ikleyn(52776) $\"\"$ $\"About$

You can put this solution on YOUR website!
.
\n" ); document.write( "A bank loaned out $19,000, part of it at the rate of 7% per year and the rest at per 17% year.
\n" ); document.write( "If the interest received in one year totaled $2500, how much was loaned at 7%?
\n" ); document.write( "~~~~~~~~~~~~~~~\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "

\r\n" );
document.write( "Let x be the amount (in dollars) loaned at 17%.\r\n" );
document.write( "\r\n" );
document.write( "Then the amount loaned at 7% is (19,000-x) dollars (the rest).\r\n" );
document.write( "\r\n" );
document.write( "\r\n" );
document.write( "Having it, write the money equation for the combined annual interest\r\n" );
document.write( "\r\n" );
document.write( "    0.17x + 0.07*(19000-x) = 2500  dollars.\r\n" );
document.write( "\r\n" );
document.write( "\r\n" );
document.write( "Simplify and find x\r\n" );
document.write( "\r\n" );
document.write( "    0.17x + 1330 - 0.07x = 2500\r\n" );
document.write( "\r\n" );
document.write( "    0.17x - 0.07x = 2500 - 1330\r\n" );
document.write( "\r\n" );
document.write( "        0.1x      =    1170\r\n" );
document.write( "\r\n" );
document.write( "            x     =  = 11700.\r\n" );
document.write( "\r\n" );
document.write( "\r\n" );
document.write( "ANSWER.  $11700 was loaned at 17%,  the reast  19000 - 11700 = 7300 dollars was loaned at 7%.\r\n" );
document.write( "\r\n" );
document.write( "CHECK.   0.17*11700 + 0.07*7300 = 2500 dollars, total annual interest.   ! Correct !\r\n" );
document.write( "

\r
\n" ); document.write( "\n" ); document.write( "Solved.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "----------------------\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "It is a standard and typical problem on investments/loaning.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "If you need more details, or if you want to see other similar problems solved by different methods, look into the lesson \r
\n" ); document.write( "\n" ); document.write( " - Using systems of equations to solve problems on investment\r
\n" ); document.write( "\n" ); document.write( "in this site.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
\n" ); document.write( "different methods of solution to the equations (Substitution, Elimination).\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "Also, you have this free of charge online textbook in ALGEBRA-I in this site\r
\n" ); document.write( "\n" ); document.write( " - ALGEBRA-I - YOUR ONLINE TEXTBOOK.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "The referred lesson is the part of this online textbook under the topic \"Systems of two linear equations in two unknowns\".\r
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "Save the link to this online textbook together with its description\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "Free of charge online textbook in ALGEBRA-I
\n" ); document.write( "https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "to your archive and use it when it is needed.\r
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( " \n" ); document.write( "

\n" );