A bank loaned out 59,000, part of it at the rate of 15% per year and the rest at a rate of 4% per year. if the interest received was $5440, how much was loaned at 15%?

Question

Mathematics

Nicole Flynn

6 August, 23:07

A bank loaned out 59,000, part of it at the rate of 15% per year and the rest at a rate of 4% per year. if the interest received was $5440, how much was loaned at 15%?

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Answers (1)

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Easton Robbins · Answer 1

Lets say that the first part of 59,000 (that was at an interest rate of 15% per year) is "x"

lets say that the second part of 59,000 (interest rate of 4% per year) is "59000 - x"

what we are trying to find is the value of "x"

assuming that one year has passed:

15%*x + 4% * (59000-x) = $5440

expand 4% * (59000-x) = 4%*59000 - 4%*x

15%*x + 4%*59000 - 4%*x = $5440

15%*x + 2360 - 4%*x = $5440

15%*x - 4%*x = $3080

11%*x = $3080

(11/100) * x = $3080

x = (3080/11) * 100

x = 28000

therefore the amount that was loan out with an interest of 15% per year is $28000 assuming that the interest received was from one year