SOLUTION: A bank loaned Joe $130,000, part of it at the mortgage annual interest rate of 7%, and the rest at the credit card annual interest rate of 19%. The total interest the bank received
Algebra ->
Customizable Word Problem Solvers
-> Mixtures
-> SOLUTION: A bank loaned Joe $130,000, part of it at the mortgage annual interest rate of 7%, and the rest at the credit card annual interest rate of 19%. The total interest the bank received
Log On
Question 1112196: A bank loaned Joe $130,000, part of it at the mortgage annual interest rate of 7%, and the rest at the credit card annual interest rate of 19%. The total interest the bank received on the loan was $9850. How much was loaned at each rate? Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! I assume simple interest
Let = amount loaned @7% = amount loaned @ 19%
Let = interest earned by 7% loan = interest earned by 19% loan
--------------------------------------------
For 7% loan:
(1)
For 19% loan:
(2)
----------------------------------------
Plug (1) into (2)
(2)
(2)
(2)
and
-------------------------------------------
$123,750 was loaned @7%
$6,250 as loaned @ 19%
-----------------------------------
check:
(1)
(1)
(1)
and
(2)
(2)
(2)
(2)
(2)
OK
