Question 1142733
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Let x = the amount loaned at 6% and y = the amount loaned at 3%.


Then from the condition you have these two equations in two unknowns


        x +     y = 7000  dollars      (1)    (total of the two loans)

    0.06x + 0.03y =  300  dollars      (2)    (total interest)


Solve the system by the Substitution method.

For it, from equation (1) express x = 7000 - y  and substitute it into equation (2). You will get


    0.06*(7000-y) + 0.03y = 300


Simplify and express y from the last equation; then calculate


    y = {{{(300 - 0.06*7000)/(0.03 - 0.06)}}} = 4000.


To find x, substitute the found value of y into equation (1). You will get then


    x = 7000 - 4000 = 3000.


<U>ANSWER</U>.  $4000 was loaned at  3%  and  $3000 was loaned at 6%.


<U>CHECK</U>.   0.03*4000 + 0.6*3000 = 300  dollars.    ! Correct !
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Solved.


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It is a typical and standard problem on investment.


To see many other similar solved problems on investment, &nbsp;look into the lesson

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/coordinate/lessons/Using-systems-of-equations-to-solve-problems-on-investment.lesson>Using systems of equations to solve problems on investment</A>

in this site.


You will find there different approaches &nbsp;(using one equation or a system of two equations in two unknowns), &nbsp;as well as 
different methods of solution to the equations &nbsp;(Substitution, &nbsp;Elimination).


Also, &nbsp;you have this free of charge online textbook in ALGEBRA-I in this site

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson>ALGEBRA-I - YOUR ONLINE TEXTBOOK</A>.


The referred lesson is the part of this online textbook under the topic &nbsp;"<U>Systems of two linear equations in two unknowns</U>".



Save the link to this online textbook together with its description


Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson


to your archive and use it when it is needed.