a bank loaned out 59,000, part of it at the rate of 15% per year and the rest at a rate of 4% per year. if the interest received was $5440, how much was loaned at 15%?
lets say that the first part of 59,000 (that was at an interest rate of 15% per year) is "x" lets say that the second part of 59,000 (interest rate of 4% per year) is "59000 - x" what we are trying to find is the value of "x"
assuming that one year has passed: 15%*x + 4%*(59000-x) = $5440 expand 4%*(59000-x) = 4%*59000 - 4%*x 15%*x + 4%*59000 - 4%*x = $5440 15%*x + 2360 - 4%*x = $5440 15%*x - 4%*x = $3080 11%*x = $3080 (11/100)*x = $3080 x = (3080/11)*100 x = 28000
therefore the amount that was loan out with an interest of 15% per year is $28000 assuming that the interest received was from one year