SOLUTION: A bank loaned out $16,000, part of it at the rate of 7% per year and the rest at 17% per year. IF the interest recieved in one year totaled $1,500, how much was loaned at 7%
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Question 901400: A bank loaned out $16,000, part of it at the rate of 7% per year and the rest at 17% per year. IF the interest recieved in one year totaled $1,500, how much was loaned at 7% Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! x+y=16000,
0.17*x+0.07*y=1500
x=16000-y
0.17*(16000-y)+0.07*y=1500
2720-0.17y+0.07*y=1500
-0.1*y=-1220
y=12200 at 7%
x=16000-y
x=3800 at 17%
check
0.17*3800+0.07*12200=1500
646+854=1500
1500=1500
ok
