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
Gió
Nov 27, 2015

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

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