A bank loaned out $25,500, part of it at the rate of 12% annual interest, and the rest at 5% annual interest. The total interest earned for both loans was $1,695.00. How much was loaned at each rate? $ was loaned at 12% and was loaned at 5%.

A bank loaned out $25,500, part of it at the rate of 12% annual interest, and the rest at 5% annual interest. The total interest earned for both loans was $1,695.00. How much was loaned at each rate? $ was loaned at 12% and was loaned at 5%.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A bank loaned out $25,500, part of it at the rate of 12% annual interest, and the rest at 5% annual
interest. The total interest earned for both loans was $1,695.00. How much was loaned at each rate?
was loaned at 12% and
was loaned at 5%.
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