A bank loaned out $17,000 part of it at a rate of 6%per year and the rest at 14%per year. If the interest received in one year totaled $1500 how much was loaned at 6%.
To find out how much was loaned at 6% and 14%, let's solve this problem step by step.
Let's assume the amount loaned at 6% is x dollars. Since the total amount loaned by the bank is $17,000, the amount loaned at 14% can be represented as (17,000 - x) dollars.
Now, let's calculate the interest received from each loan:
Interest from the loan at 6% = (x * 6%) = 0.06x dollars
Interest from the loan at 14% = ((17,000 - x) * 14%) = 0.14(17,000 - x) dollars
Given that the total interest received in one year is $1500, we can write the equation:
0.06x + 0.14(17,000 - x) = 1500
Let's solve the equation:
0.06x + 0.14(17,000 - x) = 1500
0.06x + 0.14(17,000) - 0.14x = 1500
0.06x + 2,380 - 0.14x = 1500
-0.08x + 2,380 = 1,500
-0.08x = 1,500 - 2,380
-0.08x = -880
x = -880 / -0.08
x = 11,000
Therefore, $11,000 was loaned at 6%.
amount at 6% === x
amount at 14% ---- 17000-x
solve for x
.06x + .14(17000-x) = 1500
I would multiply each of the 3 terms by 100 to get rid of the decimals
6x + 14(17000-x) = 150000
etc