A bank loaned out $14000, part of it at the rate of 7% per year and the rest at 17% per year. If the interest received in one year totaled $2000, how much was the loaned at 7%? Question: HOW MUCH OF THE 14,000 did the bank loan out at 7%?
Added by Jessica P.
Step 1
The interest received from the 7% loan in one year is 0.07x, and the interest received from the 17% loan in one year is 0.17(14000 - x). The total interest received in one year is $2000, so we can set up the following equation: Show more…
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