a bank loaned out $18,000, part of it at the rate of 7% per year and the rest at 15% per year. If the interest received in one year totaled $2000, how much was loaned at 7%?
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Answer:
Interest at the end of the first year =7%×5000
=
100
7
×5000
=$350
Interest at the end of the second year =8.5%×(5000+350)
=
100
8.5
×5350
=$454.75
Total interest at theend of the two year period =$350+$454.75
=$804.75
Step-by-step explanation:
thank you
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