Question

A bank loaned out 64000. Part of the rate at 14% per year and the rest of rate at 4% per year. if the interest received was 5160, how much was loaned at 14%? I'm not too sure how to approach this problem. Thanks in advance for the help.

Answer 1

P= part of the rate at 14 percent.

P*.14+(64000-P).04=5160

solve for P

Answer 2

Understood, so just to clarify the solution is 26000 at 14% correct? thanks for your time.