A bank loaned out $14,000, part of it at the rate of 9% per year and the rest at 19% per year. If the interest received in one year totaled $2,000, how much was loaned at 9%?
This problem calls for the use of basic algebra. Algebra is a branch of mathematics focused on statements which describe the relationships between variables. It enables one to frame variables and relationships into equations and solve for unknowns.
Answer and Explanation:
$6,600 was loaned at 9%. The support for this answer is provided below.
We are given the following two equations:
.09x + .19y = $2,000
x + y = $14,000
By embedding the second equation into the first, we can solve the problem. The computations and results are outlined below.
.09($14,000 - y) + .19y = $2,000
$1,260 - .09y + .19y = $2,000
.10y = $740
y = $7,400
We know y. Now, we can plug y into the second equation to solve x. See below.
x + $7,400 = $14,000
x = $6,600
Become a member and unlock all Study Answers
Try it risk-free for 30 daysTry it risk-free
Ask a question
Our experts can answer your tough homework and study questions.Ask a question Ask a question
Learn more about this topic:
from SAT Subject Test Mathematics Level 2: Tutoring SolutionChapter 4 / Lesson 10