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%?

1 Answer
Nov 27, 2015

Answer:

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#