Asked by Lex
A bank loaned out $28,500, part of it at the rate of 8% annual interest, and the rest at 2% annual interest. The total interest earned for both loans was $1,770.00. How much was loaned at each rate?
Answers
Answered by
mathhelper
loan at 8% ---- x
loan at other rate ----- 28500-x
.08x + .02(28500-x) = 1770
solve for x
loan at other rate ----- 28500-x
.08x + .02(28500-x) = 1770
solve for x
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.