SOLUTION: A bank loaned out $18,500, part of it at the rate of 2% annual interest, and the rest at 9% annual interest. The total interest earned for both loans was $1,280.00. How much was lo
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Question 1105495: A bank loaned out $18,500, part of it at the rate of 2% annual interest, and the rest at 9% annual interest. The total interest earned for both loans was $1,280.00. How much was loaned at each rate?
$ was loaned at 2% and
$ was loaned at 9% Answer by ikleyn(52787) (Show Source):
interest + interest = total interest
0.02*x + 0.09*(18500-x) = 1280.
Solve for x, where x = the amount loaned at 2%.
Then evaluate 18500-x, which is the amount loaned at 9%.
