A bank loaned out $24,500, part of it at the rate of 15% annual interest, and the rest at 7% annual interest. The total interest earned for both loans was $3,195.00. How much was loaned at each rate?

Answer 1

.15x + (24000-x)(.07) = 3195

.15x -0.07x = 3195 - 1680 = 1515

.08x = 1515

x = 1515/.08 = 18,937.5

= $18,937.50 invested at 15%

and

24,000-18,937.5 = $5,062.5 invested at 7%

.15(18,937.5) + .07(5,062.5) = 2840.625 + 354.375 = 3195