Question 1017329: A bank loans out $ 240,000, part of it at the rate of 7% annual mortgage interest rate and the rest at the rate of 16% annual credit card rate. The interest received on both loans totals $21,750. How much was loaned at 7% interest?
would please?
Thank you
Answer by rothauserc(4718)   (Show Source):
You can put this solution on YOUR website! let x be the amount lent at 7% and y be the amount lent at 16%, then
:
1) x + y = 240000
2) 0.07x + 0.16y = 21750
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solve equation 1 for y
y = 240000 - x
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substitute for y in equation 2
0.07x + 0.16(240000 - x) = 21750
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solve for x
0.07x + 38400 - 0.16x = 21750
-0.09x = -16650
x = 185000
:
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The amount lent at 7% is $185000
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now check the answer
:
y = 240000 - 185000 = 55000
now substitute for x and y in equation 2
:
0.07(185000) + 0.16(55000) = 21750
12950 + 8800 = 21750
21750 = 21750
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our answer checks
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