SOLUTION: A bank loaned out $19000, part of it at the rate of 6% per year and then rest at 14% per year. If the interest received in one year totaled $2000, how much was loaned at 6%? How mu
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Question 1142255: A bank loaned out $19000, part of it at the rate of 6% per year and then rest at 14% per year. If the interest received in one year totaled $2000, how much was loaned at 6%? How much of the $1900 did the bank loan out at 6%? Answer by ikleyn(52781) (Show Source):
You can put this solution on YOUR website! .
A bank loaned out $19000, part of it at the rate of 6% per year and then rest at 14% per year.
If the interest received in one year totaled $2000, how much was loaned at 6%? How much of the $19000
did the bank loan out at 14% ?
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Pay attention on how I edited your post to make all data correct !
Let x = amount loaned at 14%, in dollars.
Then the amount loaned at 6% is the rest (19000-x) dollars.
The interest from the 14% loan is 0.14*x dollars.
The interest from the 6% loan is 0.06*(19000-x) dollars.
Your equation is
interest + interest = total interest, or
0.14*x + 0.06*(19000-x) = 2000 dollars.
From the equation, express x and calculate the answer
x = = 10750.
Answer. The amount loaned щге at 14% is $10750; the rest $19000-$10750 = $8250 is the amount loaned щге at 6%.
Check. 0.14*10750 + 0.06*8250 = 2000 dollars. ! Correct !
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It is a typical and standard problem on investment.
You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
different methods of solution to the equations (Substitution, Elimination).
