SOLUTION: A bank loaned 17,000, 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 1500, how much was loaned at 6%?
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Question 863131: A bank loaned 17,000, 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 1500, how much was loaned at 6%? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Part I 6.00% per annum ------------- Amount invested =x
Part II 14.00% per annum ------------ Amount invested = y
17000
Interest----- 1500.00
Part I 6.00% per annum ---x
Part II 14.00% per annum ---y
Total investment
x + 1 y= 17000 -------------1
Interest on both investments
6.00% x + 14.00% y= 1500
Multiply by 100
6 x + 14 y= 150000.00 --------2
Multiply (1) by -6
we get
-6 x -6 y= -102000.00
Add this to (2)
0 x 8 y= 48000
divide by 8
y = 6000
Part I 6.00% $ 11000
Part II 14.00% $ 6000
