A bank loaned out $22,000, part of it at the rate of 9% annual interest, and the rest at 7% annual interest. The total interest earned for both loans was $1,870.00. How much was loaned at each rate?

Question

A bank loaned out $22,000, part of it at the rate of 9% annual interest, and the rest at 7% annual interest. The total interest earned for both loans was $1,870.00. How much was loaned at each rate?

Answer 1

1870/22000 = 8.5 %

9- 8.5 = 1/2

8.5 -7 = 3/2

3 times as much at 9% as at 7%

x/(22000-x) = 3

x = 66000-3x

4x = 66000

x = 16,500 at 9%

$5,500 at 7%