SOLUTION: a bank loaned out $13000, part of it at the rate of 7% per year and the rest at 17% per year. if the interest received in one year totaled $1500, how much was loaned at 7%?
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Question 905129: a bank loaned out $13000, part of it at the rate of 7% per year and the rest at 17% per year. if the interest received in one year totaled $1500, how much was loaned at 7%? Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! Total amount of money invested: $13000
x+y=13000,
Total yearly interest for the two accounts is: $1500
0.07*x+0.17*y=1500
x=13000-y
Substitute for x
0.07*(13000-y)+0.17*y=1500
Multiply out
910-0.07y+0.17*y=1500
Combine like terms.
0.1*y=590
Isolate y
y=$ 5900.00 at 17%
x=13000-y
Calculate x
x=$ 7100.00 at 7%
Check
0.07*7100+0.17*5900=1500
497+1003=1500
1500=1500
If this statement is TRUE and neither amount is negative then all is well
