A bank loaned out $17,000, part of it at the rate of 14% annual interest, and the rest at 11% annual interest. The total interest earned for both loans was $2,245.00. How much was loaned at each rate?

Answer 1

Hi Natalie,

A bank loaned out $17,000, part of it at the rate of 14% annual interest, and the rest at 11% annual interest. The total interest earned for both loans was $2,245.00. How much was loaned at each rate?

The interest earned is given by:

.14x + .11y = 2245

The amount invested is given by

x + y = 17000

That gives you a system of equations:

.14x + .11y= 2245

x + y = 17000

You can solve by either substitution or elimination

Enjoy