Question

A bank loaned out ​$​17,000, part of it at the rate of 7% per year and the rest at 15% per year. If the interest received in one year totaled ​$2​,000, how much was loaned at 7%

Answer 1

Answer: 6,875

Explanation:

Let the amount loaned at 7% be x.

The remaining amount, loaned at 15%, will be the difference between the total amount loaned and the amount loaned at 7%. So, the amount loaned at 15% will be 17000 - x.

The interest received from the amount loaned at 7% per year will be 0.07x.

The interest received from the amount loaned at 15% per year will be 0.15(17000 - x).

The total interest received is ​$​2,000. So, we can form an equation:

0.07x + 0.15(17000 - x) = 2000

Solving this equation, we get:

0.07x + 2550 - 0.15x = 2000

-0.08x = -550

x = 6875

Therefore, the amount loaned at 7% is ​$​6,875.