SOLUTION: A bank loaned out $9,000, part of it at the rate of 12% annual interest, and the rest at 14% annual interest. The total interest earned for both loans was $1,110.00. How much was l

Algebra ->  Customizable Word Problem Solvers  -> Mixtures -> SOLUTION: A bank loaned out $9,000, part of it at the rate of 12% annual interest, and the rest at 14% annual interest. The total interest earned for both loans was $1,110.00. How much was l      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1184071: A bank loaned out $9,000, part of it at the rate of 12% annual interest, and the rest at 14% annual interest. The total interest earned for both loans was $1,110.00. How much was loaned at each rate?
Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
let A = amount invested at 12%.
let B = amount invested at 14%.

your two equations that need to be solved simultaneously are:

A + B = 9000
.12A + .14B = 1110

multiply both sides of the first equation by .12 and leave the second equation as is to get:

.12A + .12B = 1080
.12A + .14B = 1110

subtract the first equation from the second to get:

.02B = 30

solve for B to get:

B = 30/.02 = 1500

since A + B = 9000, then A must be equal to 9000 - 1500 = 7500

A + B = 9000 becomes 7500 + 1500 = 9000 which is true.
.12A + .14B = 1110 becomes 900 + 210 = 1110 which is also true.

the solution is confirmed to be good.

the solution is that 7500 was loaned at 12% and 1500 was loaned at 14%.