A bank loaned out $67,000, 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 $6100, how much was loaned at 14%?
1 Answer
May 18, 2017
$26,000
Explanation:
Let the person loaned at 14% is $x. So loaned at 6% is $(67,000 - x).
We know,
Now as per question,
Total Interest = two parts of interest.
Hence, 14x/100 + [6(67,000 - x)]/100 = $6100