Question 1142733
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(1) Do the calculation to determine that $300 return on $7000 represents an interest rate of (30/7)%, or 4 2/7%.<br>
(2) Do the calculations to determine that 4 2/7% is 3/7 of the way from 3% to 6%.<br>
(3) That means 3/7 of the total was loaned at the higher rate.<br>
ANSWER: 3/7 of $7000, or $3000, at 6%; the other $4000 at 3%.<br>
CHECK: .06(3000)+.03(4000) = 180+120 = 300.