A bank loaned out $19 comma 00019,000 , part of it at the rate of 7 %7% per year and the rest at 15 %15% per year. If the interest received in one year totaled $20002000 , how much was loaned at 7 % question mark7%? How much of the $19 comma 00019,000 did the bank loan out at 7 % question mark

Question

Rene Vazquez

Business

31 October, 07:22

A bank loaned out $19 comma 00019,000 , part of it at the rate of 7 %7% per year and the rest at 15 %15% per year. If the interest received in one year totaled $20002000 , how much was loaned at 7 % question mark7%? How much of the $19 comma 00019,000 did the bank loan out at 7 % question mark

+2

Answers (1)

Know the Answer?

Courtney Carroll · Answer 1

Let x be the amount loaned at 7% and ($19,000 - x) be the amount loaned at 15%

Given:

Interest incurred at 7%, I1 + Interest incurred at 15%, I2 = $2000

Interest, I = amount * rate

I1 = 7/100 * x

I2 = 15/100 * ($19,000 - x)

From the above expressions,

(0.07) x + (0.15) * ($19,000 - x) = $2,000

Solving for x,

0.07x + 2850 - 0.15x = 2000

Collecting like terms,

0.08x = 850

x = $10625

The amount loaned at 7% interest is

$10625

The amount loaned at 15% interest is ($19000 - $10625)

= $8375