A bank loaned out $4,500, part of it at the rate of 5% annual interest, and the rest at 12% annual interest. The total interest earned for both loans was $400.00. How much was loaned at each rate?
A bank loaned out $4,500, part of it at the rate of 5% annual interest, and the rest at 12% annual interest. The total interest earned for both loans was $400.00. How much was loaned at each rate?
Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter3: Math Models
Section: Chapter Questions
Problem 430PT: Melinda deposited $5,985 in a bank account with an interest rate of 1.9%. How much interest was...
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A bank loaned out $4,500, part of it at the rate of 5% annual interest, and the rest at 12% annual interest. The total interest earned for both loans was $400.00. How much was loaned at each rate?
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