A bank loaned out $25,500, part of it at the rate of 12% annual interest, and the rest at 8% annual interest. The total interest earned for both loans was $2,500.00. How much was loaned at each rate

Question

$.... was loaned at 12%

$.... was loaned at 8%

Answer 1

$25,500 loaned at 8 and 12% interest

total interest = $2,500

how much loaned at each?? 14K at 8%, 11.5K at 12%

graph x+y = 25500 and .08x + .12y = 2500

the intersection point gives the answer (x,y) = (11,500, 14,000)

8% of 14000= 1120

12% of 11500 = 1380

1120 + 1380 = 2500