Question

I have been racking my head with this one and don't know how to approach it.

The question is:
A bank loaned out $64,000, part of it at the rate of 13% per year and the rest at a rate of 5% per year. If the interest received was $6000, how much was loaned at 13%.

I know the formula is I=PrT but i don't seem to be able to apply it to this problem.

Thanks so much for the help!!

Answer 1

.13x + .05(64000-x)=6000
solve for x.

Answer 2

Wrong formula for this.
Let x = amount loaned at 13%.
Then 64,000-x = amt loaned at 5%.

0.05x + 0.13(64,000-x) = 6000
solve for x. I get 35,000 @ 13% (and 29,000 @ 5%).
Check my thinking. Check my work. At the end of the problem, multiply the amount at 13% and the amount at 5%, add the two interests to see that it totals $6,000.

Answer 3

Thank you so much, I feel confident that I can tackle this type of problem now.

Answer 4

0.05x + 0.13(64,000-x) = 6000

this is incorrect..

since you said that x is the amount of money loaned at 13% the equation should be;

0.13x + .05(64000-x)=6000

your answer though is correct

35K @ 13% and 29K @ 5%