A bank has loaned out $500,000, a part of it at 6% per annum and the rest of it at 11% per annum. If the bank receives $43,750 in interest each year, how much was loaned at 6%?

Question

anonymous · Answer

Try to formulate a system of equations with your unknows being the amounts loaned to at each rate

amistre64 · Answer

ar1 + br2 = 43k

a+b = 500k

its a system of 2 equations in 2 unknowns, pick your favorite method :)

anonymous · Answer

i'm still confused :/

amistre64 · Answer

youll have to be more verbose, my mind reading skills arent what the used to be .....

anonymous · Answer

thank you for the equations. i'll figure out what to plug in, that's where i'm lost. but thanks!

amistre64 · Answer

ahhh, the r1 and r2 are the given rates; a and b are to be found .... the rest is just the values given that they have to add too ... with a little shorthand

anonymous · Answer

ohhh! okay, got it! :)

amistre64 · Answer

substitution and elimination tend to be the simplest methods to work with :)  good luck

anonymous · Answer

thanks :)