SOLUTION: A bank loaned out $55,000, part of it at a rate of 11% per year and the rest at a rate of 6% per year. If the interest received was $4800, how much was loaned at 11%?
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Question 5956: A bank loaned out $55,000, part of it at a rate of 11% per year and the rest at a rate of 6% per year. If the interest received was $4800, how much was loaned at 11%?
I've missed this question on my last 3 quizzes because I have no idea where to start. I would really appreciate your help...my instructor only answers questions by email and his email is down at the moment. Thank you.. Answer by ichudov(507) (Show Source):
You can put this solution on YOUR website! it loaned x dollars that paid 11% of x in a year, and y dollars that paid 6% per year. Total amount paid was $4800. Written in algebra language:
0.11x + 0.06y = 4800
We also know that bank had 55000 total.
x+y=55000
we have a linear system:
we can solve it:
