HW HELP NEEDED !!

Question

A bank loaned out $15,500, part of it at the rate of 2% annual interest, and the rest at 12% annual interest. The total interest earned for both loans was $660.00. How much was loaned at each rate?

$  was loaned at 2% and

$  was loaned at 12%.

Answer 1

.12x +.02(15500-x)= 660

.12x -.02x = 660 - 310 = 350

x =350/.1

= $3,500 invested at 12%

15500-3,500

= $12,000 invested at 2%

check the answers

.12(3,500) +.02(12,000) = 420 + 240 =660

660/15500= 66/1550 = about 4.26%

12 is within 7.74 of 4.26

2 is within 2.26 of 4.26

7.74/2.26 = 3.42

12000/3500= 120/35 = 24/7 =3.42

you need about 3.42 times as much invested at the % that's closest to the average

2 is closer to 4.26