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%?

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%?
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Steve · Answer

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%