SOLUTION: A bank loaned out $67,000, part of it at the rate of 14% per year and the rest at a rate of 6% per year. If the interest received was $6100, how much was loaned at 14%?
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-> SOLUTION: A bank loaned out $67,000, part of it at the rate of 14% per year and the rest at a rate of 6% per year. If the interest received was $6100, how much was loaned at 14%?
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Question 874589: A bank loaned out $67,000, part of it at the rate of 14% per year and the rest at a rate of 6% per year. If the interest received was $6100, how much was loaned at 14%? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Part I 14.00% per annum ------------- Amount invested =x
Part II 6.00% per annum ------------ Amount invested = y
67000
Interest----- 6100.00
Part I 14.00% per annum ---x
Part II 6.00% per annum ---y
Total investment
x + 1 y= 67000 -------------1
Interest on both investments
14.00% x + 6.00% y= 6100
Multiply by 100
14 x + 6 y= 610000.00 --------2
Multiply (1) by -14
we get
-14 x -14 y= -938000.00
Add this to (2)
0 x -8 y= -328000
divide by -8
y = 41000
Part I 14.00% $ 26000
Part II 6.00% $ 41000
