SOLUTION: A bank loaned out $75,000, part of it at the rate of 8% per year and the rest at the rate of 3% per year. If the total amount of interest owed to the bank at the end of the year wa
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Question 941630: A bank loaned out $75,000, part of it at the rate of 8% per year and the rest at the rate of 3% per year. If the total amount of interest owed to the bank at the end of the year was $4940, what was the amount the bank loaned out at 8%? Answer by TimothyLamb(4379) (Show Source):
You can put this solution on YOUR website! x = amount loaned at 8%
y = amount loaned at 3%
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x + y = 75000
0.08x + 0.03y = 4940
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put the system of linear equations into standard form
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x + y = 75000
0.08x + 0.03y = 4940
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copy and paste the above standard form linear equations in to this solver:
https://sooeet.com/math/system-of-linear-equations-solver.php
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solution:
x = 53800
y = 21200
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