a bank loaned out 60000, part of it at the rate 14% per year and the rest at a rate of 8% per year. if the interest received was 6780, how much was loaned at 14%?
2 answers
P2+14p=
x = amount at 14%
y = amount at 8%
x + y =60000
.14x + .08y = 6780
Most people will multiply the second equation by 100 to get rid of the decimals.
x + y = 60000
14x + 8y = 67800
if you eliminate the y's you will be left with x = the value invested at 14%
Multiply the top equation by -8 and add it to the second equation.
This is called the addition or elimination method.
y = amount at 8%
x + y =60000
.14x + .08y = 6780
Most people will multiply the second equation by 100 to get rid of the decimals.
x + y = 60000
14x + 8y = 67800
if you eliminate the y's you will be left with x = the value invested at 14%
Multiply the top equation by -8 and add it to the second equation.
This is called the addition or elimination method.