A bank loaned out $18,500, part of it at the rate of 11% annual interest, and the rest at 5% annual interest. The total interest earned for both loans was $1,375.00. How much was loaned at each rate? was loaned at 11% and $ was loaned at 5%. Quection Helne DVidee

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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A bank loaned out $18,500, part of it at the rate of 11% annual interest, and the rest at 5% annual interest.
The total interest earned for both loans was $1,375.00. How much was loaned at each rate?
was loaned at 11% and
was loaned at 5%.
Ouestion Holn
OVidee
instructor
Transcribed Image Text:A bank loaned out $18,500, part of it at the rate of 11% annual interest, and the rest at 5% annual interest. The total interest earned for both loans was $1,375.00. How much was loaned at each rate? was loaned at 11% and was loaned at 5%. Ouestion Holn OVidee instructor
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