# A bank loaned out $11,000, part of it at the rate of 7% annual interest, and the rest at 9% annual interest. sanuluy 2021-09-21 Answered A bank loaned out$11,000, part of it at the rate of 7% annual interest, and the rest at 9% annual interest. The total interest earned for both loans was $860.00. How much was loaned at each rate? ___ was loaned at 7% and ___ was loaned at 9%. ### Expert Community at Your Service • Live experts 24/7 • Questions are typically answered in as fast as 30 minutes • Personalized clear answers ### Plainmath recommends • Ask your own question for free. • Get a detailed answer even on the hardest topics. • Ask an expert for a step-by-step guidance to learn to do it yourself. ## Expert Answer liannemdh Answered 2021-09-22 Author has 11097 answers "Let x be the amount loaned at 7% annual interest so that 11000-x represents the amount loaned at 9% annual interest. The total interest earned for both loans was$860.00 so we can write: 0.07x+0.09(11000-x)=860
Solve for x: 0.07x+900-0.09x=860
990-0.02x=860
-0.02x=-130
x=-130/-0.02=6500
Hence, the amount loaned at 7% was $6500 and the amount loaned at 9% was$11000-$6500=$4500"
###### Have a similar question?
content_user

Answer is given below (on video)