SOLUTION: A bank loaned out $68,000, part of it at the rate of 11% per year and the rest at a rate of 5% per year. If the interest received was $4960, how much was loaned at 11%?

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Question 249629: A bank loaned out $68,000, part of it at the rate of 11% per year and the
rest at a rate of 5% per year. If the interest received was $4960, how
much was loaned at 11%?
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
.11X+.05(68,000-X)=4,960
.11X+3,400-.05X=4,960
.06X=4,960-3,400
.06X=1,560
X=1,560/.06
X=26,000 AMOUNT LOANED @ 11%.
68,000-26,000=42,000 AMOUNT LOANED @ 5%.
PROOF:
.11*26,000+.05*42,000=4,960
2,860+2,100=4,960
4,960=4,960