Question

A bank loaned out $66,000, part of it at the rate of 14% per year and the rest at a rate of 6% per year. if the interest received was $6760, how much was loaned at 14%?

Answer 1

I found: `$35,000`

Explanation:

I would call `x` the part loaned at `14%` (so that the other amount will be: `66,000-x`) and write:

`0.14x+0.06(66,000-x)=6,760`

rearranging and isolating `x`:

`0.14x+3,960-0.06x=6,760`

`0.08x=2800`

`x=2800/0.08=35,000`