Homework Help: College Algebra

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+(64000-P).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.

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