A bank loaned out 19,000 part of it at 6% interest per year and the rest at 14% per year. if the interest recieved in one year totaled 2000 how much was loaned out at 6%

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Business

Paloma Fowler

30 October, 16:09

A bank loaned out 19,000 part of it at 6% interest per year and the rest at 14% per year. if the interest recieved in one year totaled 2000 how much was loaned out at 6%

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Juliette Lester · Answer 1

Let x be the part of 19,000 that was loaned out at 6% such that the remaining 19,000 - x was loaned out at 14%. The interest is calculated by the equation,

I = P x i x n

where P is the principal amount, i is the interest, n is the number of years. Substituting the known values,

2000 = (x) (0.06) + (19000 - x) (0.14)

The value of x from the equation above is 8250.

Hence, 8,250 was loaned out at 6%.