Ex1) A bank loaned out $8,500, part of it at the rate of 5% annual interest, and the rest at 4% annual interest. The total interest earned for both loans was $360.00. How much was loaned at each rate?
Ex2)James invests a total of $8,500 in two accounts paying 2% and 4% annual interest, respectively. How much was invested in each account if, after one year, the total interest was $250.00.
Ex2)James invests a total of $8,500 in two accounts paying 2% and 4% annual interest, respectively. How much was invested in each account if, after one year, the total interest was $250.00.
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Ex1)
A bank loaned out $8,500,
part of it at the rate of 5% annual interest,
and the rest at 4% annual interest.
The total interest earned for both loans was $360.00.
How much was loaned at each rate?
x(0.05) + (8,500 - x)(0.04) = 360
(0.01)x = 360 - 340
x = 2,000
$2,000 was loaned at 5% annual interest
and $6,500 was loaned at 4% annual interest.
Ex2)
James invests a total of $8,500 in two accounts
paying 2% and 4% annual interest, respectively.
How much was invested in each account if,
after one year, the total interest was $250.00.
x(0.02) + (8,500 - x)(0.04) = 250
(0.02)x = 340 - 250
x = 4,500
$4,500 was invested
A bank loaned out $8,500,
part of it at the rate of 5% annual interest,
and the rest at 4% annual interest.
The total interest earned for both loans was $360.00.
How much was loaned at each rate?
x(0.05) + (8,500 - x)(0.04) = 360
(0.01)x = 360 - 340
x = 2,000
$2,000 was loaned at 5% annual interest
and $6,500 was loaned at 4% annual interest.
Ex2)
James invests a total of $8,500 in two accounts
paying 2% and 4% annual interest, respectively.
How much was invested in each account if,
after one year, the total interest was $250.00.
x(0.02) + (8,500 - x)(0.04) = 250
(0.02)x = 340 - 250
x = 4,500
$4,500 was invested