Question 1145127: A bank loaned out $14,500, part of it at the rate of 12% annual interest, and the rest at 5% annual interest. The total interest earned for both loans was $1,005.00. How much was loaned at each rate? show me explanation step by step
with solution
A bookcase is to have 4 shelves including the top as pictured below.
The width is to be 17 feet less than 4 times the height. Find the width and the height if the carpenter expects to use 22 feet of lumber to make it.
Answer by VFBundy(438)   (Show Source):
You can put this solution on YOUR website! A bank loaned out $14,500, part of it at the rate of 12% annual interest, and the rest at 5% annual interest. The total interest earned for both loans was $1,005.00. How much was loaned at each rate?
12% interest portion:
Principal = p
Rate = 0.12
Interest = 0.12p
5% interest portion:
Principal = 14500 - p
Rate = 0.05
Interest = 0.05(14500 - p) = 725 - 0.05p
(0.12p) + (725 - 0.05p) = 1005
0.07p + 725 = 1005
0.07p = 280
p = 4000
12% interest portion:
Principal = p = $4000
5% interest portion:
Principal = 14500 - p = 14500 - 4000 = $10,500
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