Question

Investor company loaned out a total of $36,000, part at 6% interest and part at 9% interest. they reported that the annual earnings from both investments was the same amount that would be earned by the total loan if it were invested at 8%. find the amount loaned at each rate. use matrix methods.

Answer 1

Investor Company loaned out a total of $36,000, part at 6% interest and part at 9% interest. They reported that the annual earnings from both investments were the same amount that would have been earned by the total loan if it had been

Explanation:

let x be invested at 6%

36000-x will be invested at 9%

0.06x=0.09(36000-x) ( the interests on both are the same.)