A bank loaned out $32,000, part of it at the rate of 11% annual interest, and the rest at 3% annual interest. The total interest earned for both loans was $2,360.00. How much was loaned at each rate?

Answer 1

2360=p1(.11/c)^(nt)+p2(.03/c)(nt)

p1+p2=32000

principal

compound

years

times/yr

Here's a formula.