# Chuck receives loans totaling $12,000 from two ba. One bank charges 7.5% annual interest, and the second bank charges 6% annual interest. He paid$840 in total interest in one year. How much was loaned at each bank?

Question
Equations and inequalities
Chuck receives loans totaling $12,000 from two ba . One bank charges 7.5% annual interest, and the second bank charges 6% annual interest. He paid$840 in total interest in one year. How much was loaned at each bank?

2020-10-24
Let x be the amount loaned at 7.5% so that 12000 - x is the amount loaned at 6%, both in dollars.
The interest in one year is $840 so we can write: 0.075x+0.06(12000-x)=840 Solve for x: 0.075x+720-0.06x=840 0.015x=120 $$\displaystyle{x}=\frac{{120}}{{0.015}}$$ x=8000 So, the amount loaned at 7.5% is$8000 and the amount loaned at 6% is $4000 ### Relevant Questions asked 2021-02-25 Laura borrowed a total of$18,000 from two different ba
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