Answered: A bank loaned out $4,500, part of it at…

A bank loaned out $4,500, part of it at the rate of 5% annual interest, and the rest at 12% annual interest. The total interest earned for both loans was $400.00. How much was loaned at each rate?

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter2: Solving Linear Equations

Section2.2: Use A Problem Solving Strategy

Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...

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A bank loaned out $4,500, part of it at the rate of 5% annual interest, and the rest at 12% annual interest. The total interest earned for both loans was $400.00. How much was loaned at each rate?

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