Solve the problem.
-A bank loaned out $54,000, part of it at the rate of 2.75% per year and the rest at a rate of 3.25% per year. If the interest received was $1595.00, how much was loaned at 2.75%?
A) $22,000
B) $32,000
C) $33,000
D) $21,000

Question

Quizplus · Accepted Answer

Let x be the amount loaned at 2.75% and y be the amount loaned at 3.25%. We have two equations: x + y = 54000 (total amount loaned) and 0.0275x + 0.0325y = 1595 (total interest). Solving these equations simultaneously, we find x = $32,000.

Solve the Problem. -A Bank Loaned Out $54,000, Part of It at the It