A bank loaned out $19,000, part of it at the rate of 10% annual interest, and the rest at 6% annual interest. The total interest earned for both loans was $1,220.00. How much was loaned at each rate?

Question

What was loaned at 10 percent and what was loaned at 6 percent

Answer 1

Let x = amount invested at 10%

Then, 19000 - x = amount invested at 6%

0.10x + 0.06(19000 - x) = 1220

0.10x + 1140 - 0.06x = 1220

0.04x = 80

x = 2000

Invest $2000 at 10% and $17000 at 6 %