document.write( "Question 1200346: A bank loaned out $22,500, part of it at the rate of 3% annual interest, and the rest at 11% annual interest. The total interest earned for both loans was $1,915.00. How much was loaned at each rate? \n" ); document.write( "

Algebra.Com's Answer #834513 by ankor@dixie-net.com(22740) $\"\"$ $\"About$

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A bank loaned out $22,500, part of it at the rate of 3% annual interest,
\n" ); document.write( " and the rest at 11% annual interest.
\n" ); document.write( " The total interest earned for both loans was $1,915.00.
\n" ); document.write( " How much was loaned at each rate?
\n" ); document.write( ":
\n" ); document.write( "let x = amt loaned at 11%
\n" ); document.write( "The total was 22500, therefore
\n" ); document.write( "(22500-x) = amt loaned at 3%
\n" ); document.write( ":
\n" ); document.write( "The interest equation
\n" ); document.write( ".11x + .03(22500-x) = 1915
\n" ); document.write( "distribute .03
\n" ); document.write( ".11x + 675- .03x = 1915
\n" ); document.write( ".11x - .03x = 1915 - 675
\n" ); document.write( ".08x = 1240
\n" ); document.write( "x = 1240/.08
\n" ); document.write( "x = $15,500 loaned at 11%
\n" ); document.write( "and
\n" ); document.write( "22500-15500 = $7,000 loaned at 3%
\n" ); document.write( ":
\n" ); document.write( ":
\n" ); document.write( "Check this
\n" ); document.write( ".11(15500) = 1705
\n" ); document.write( ".03(7000) = 210
\n" ); document.write( "-------------------
\n" ); document.write( "total int: 1915 \n" ); document.write( "

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