Ask a New Question

Question

A bank loaned out $53,000, part of it at a rate of 12% per year and the rest at a rate of 5% per year. If the interest received was $4960, how much was loaned at 12%?
Show all work.
13 years ago

Answers

Steve
This just like the mixture problems with nuts, acid, etc.

x = amt at 12%
y = amt at 5%

total interest:

x + y = 53000
.12x + .05y = 4960

.12x + .12y = 6360
.12x + .05y = 4960

.07y = 1400
y = 20000 at 5%
x = 33000 at 12%
13 years ago

Related Questions

A bank has loaned out $750,000, part of it at 5% per annum and the rest of it at 8% per annum. If t... A bank loaned out 64000. Part of the rate at 14% per year and the rest of rate at 4% per year. if th... A bank loaned out $120,000, part of it at a rate of 8% per year and the rest at the rate of 12% per... A bank loaned out $17,000 part of it at a rate of 6%per year and the rest at 14%per year. If the int... a bank loaned out 60000, part of it at the rate 14% per year and the rest at a rate of 8% per year.... A bank loaned out $28,500, part of it at the rate of 8% annual interest, and the rest at 2% annual i... A bank loaned out $7,500, part of it at the rate of 15% annual interest, and the rest at 6% annual i... Bank loaned out $11,000 part of it at the rate of 6% per year if the interest received in one year... A bank loaned out $11,000, part of it at 6% per year. If the interest received in one year totaled $...
Ask a New Question
Archives Contact Us Privacy Policy Terms of Use