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6 November, 18:42

A bank loaned out $17,000, part of it at the rate of 14% annual interest, and the rest at 9% annual interest. The total interest earned for both loans was $2,180.00. How much was loaned at each rate?

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  1. 6 November, 18:58
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    Answer: $4,000 ⇒ amount invested at 9% and $13,000 ⇒ amount invested at 14%.

    Explanation:

    Given that,

    Bank loaned out = $17,000

    Part of it loaned at annual interest rate (r1) = 14%

    Interest rate on remaining (r2) = 9%

    Total interest earned for both loans was $2,180

    Let amount invested at rate of 9% be x,

    (r2) x + r1 (Total loaned amount - x) = Total interest earned

    0.09x + 0.14 (17,000 - x) = 2,180

    0.09x + 2,380 - 0.14x = 2180

    0.05x = 200

    x = $4,000 ⇒ amount invested at 9%

    Therefore,

    17,000 - x ⇒ 17,000 - 4,000 = $13,000 ⇒ amount invested at 14%
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