A bank loaned out $15,500, part of it at the rate of 13% annual interest, and the rest at 4% annual interest. The total interest earned for both loans was $1,430.00. How much was loaned at each rate?
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Step 1: Define the variables Let x be the amount loaned at 13% interest rate Then, (15500 - x) is the amount loaned at 4% interest rate Show more…
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