Posted by Locke on Thursday, September 30, 2010 at 1:21pm.
A bank loaned out 64000. Part of the rate at 14% per year and the rest of rate at 4% per year. if the interest received was 5160, how much was loaned at 14%? I'm not too sure how to approach this problem. Thanks in advance for the help.

College Algebra  bobpursley, Thursday, September 30, 2010 at 1:33pm
P= part of the rate at 14 percent.
P*.14+(64000P).04=5160
solve for P

College Algebra  Locke, Thursday, September 30, 2010 at 1:48pm
Understood, so just to clarify the solution is 26000 at 14% correct? thanks for your time.
Answer This Question
Related Questions
 College Algebra  A bank loaned out $53,000, part of it at a rate of 12% per ...
 Intermediate Algebra  A bank loaned out $17,000 part of it at a rate of 6%per ...
 math  a bank loaned out 60000, part of it at the rate 14% per year and the rest...
 COLLEGE ALGEBRA  A bank loaned out $120,000, part of it at a rate of 8% per ...
 College Algebra Word Problem  I have been racking my head with this one and don...
 Intermediate Algebra  A bank loaned out 15,000part of it at a rate of 6% per ...
 math  A bank has loaned out $750,000, part of it at 5% per annum and the rest ...
 math %  I loaned Johnnie $5000.00 to be repaid $250.00 monthly loan past due ...
 College alerbra  Scott invested a total of $9500 at two separate banks. One ...
 college algebra  Phyllis invested 55000 dollars, a portion earning a simple ...
More Related Questions