A word problem

Question

A bank loaned out $10,000, part of it at a rate of 7% a year and the rest at 17% a year. If the interest received in on year totaled $1000, how much was loaned at 7%?

Answer 1

Hi Matthew,

 

let 

 

x = amount loaned at 7%

10,000-x = amount loaned at 17%

 

if the total interest was $1,000 then,

 

0.07x + 0.17(10,000 - x) = 1,000

 

Just solve for x and that is how much was loaned at 7%

 

Hope this helps