Question 1119394: A bank loaned out $20,000
,
part of it at the rate of 6 %
per year and the rest at 14 %
per year. If the interest received in one year totaled $2000
,
how much was loaned at 6 % question mark
Answer by Theo(13342)   (Show Source):
You can put this solution on YOUR website! x = amount loaned at 6%.
y = amount loaned at 14%.
x + y = 20,000
.06 * x + .14 * y = 2000
these 2 equations need to be solved simultaneously.
multiply both sides of the first equation by .06 and leave the second equation as is to get:
.06x + .06y = 1200
.06x + .14y = 2000
subtract the first equation from the second to get:
.08y = 800
solve for y to get y = 800/.08 = 10,000.
that makes x = 10,000.
x + y = 20,000 so that part checks out.
.06 * 10,000 + .14 * 10,000 = 2,000 so that part checks out as well.
your solution is that 10,000 was loaned out at 6%.
|
|
|
