Question

A bank loaned out ​$17,000​, part of it at the rate of 7% per year and the rest at 15% per year. If the interest received in one year totaled ​$1500​, how much was loaned at 7 %?

Answer 1

Answer:

The amount that loaned on 7 % interest rate = $ 13125

Step-by-step explanation:

Total amount = $ 17000

Let amount invested on 7 % rate = x

& amount invested on 15 % rate = 17000 - x

Total interest earned = $ 1500

⇒ 1500 = $x$ × 0.07 ×1 + ( $17000 - x$ ) × 0.15 × 1

⇒ 1500 = 0.07 $x$ + 2550 - 0.15 $x$

⇒  0.15 $x$ -  0.07 $x$ = 2550 - 1500

⇒ 0.08 $x$ = 1050

⇒ $x$ = $ 13125

This is the amount that loaned on 7 % interest rate.