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%.

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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"
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content_user
Answered 2021-10-12 Author has 1938 answers

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