SOLUTION: A bank loaned out $8,000, part of it at the rate of 13% annual interest, and the rest at 8% annual interest. The total interest earned for both loans was $890.00. How much was loan

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Question 1050977: A bank loaned out $8,000, part of it at the rate of 13% annual interest, and the rest at 8% annual interest. The total interest earned for both loans was $890.00. How much was loaned at each rate?
$______ was loaned at 13% and
$______ was loaned at 8%

Answer by solver91311(24713) About Me  (Show Source):
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A person has currency units invested in 2 accounts.

One account earns percent interest, and the other account earns percent interest.

The two accounts earn a total of interest in one year.

How much is invested in each account?

Let be the amount invested at percent. Then the amount invested at percent is , and:



Solve for , then calculate

John

My calculator said it, I believe it, that settles it