SOLUTION: A bank loaned out $29,000, part of it at the rate of 8% annual interest, and the rest at 10% annual interest. The total interest earned for both loans was $2,650.00. How much was l

Algebra ->  Finance -> SOLUTION: A bank loaned out $29,000, part of it at the rate of 8% annual interest, and the rest at 10% annual interest. The total interest earned for both loans was $2,650.00. How much was l      Log On


   

Question 980075: A bank loaned out $29,000, part of it at the rate of 8% annual interest, and the rest at 10% annual interest. The total interest earned for both loans was $2,650.00. How much was loaned at each rate?
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
x=amount at 8%
29000-x=amount at 10%
.08x+.10(29000-x)=2650
.08x+2900-.10x=2650
-.02x=-250
multiply both by -50
x=$12,500 at 8%=$1000 interest
29,000-x=$16,500 @ 10%=$1650 interest
Total is $2650 interest which checks.