Question

A bank loaned out $10,000 part of it at the rate of 9% per year and the rest at 19% per year. How much of the $10,000 did the bank loan out a 9%? Where the interest derived in total is $1500

Answer 1

Explanation

Let the first part of the loan be loaned out be x and the other part be 10000-x.

Therefore, for 9% rate per year, we will have the interest for the first part as

$\frac{9}{100}x=0.09x$

At 19% rate, the interest for the second part becomes;

$\frac{19}{100}(10000-x)=0.19(10000-x)=1900-0.19x$

Therefore, we can say that the sum of the above interest will give 1500

$\begin{gathered} 0.09x+1900-0.19x=1500 \\ -0.1x=1500-1900 \\ -0.1x=-400 \\ x=-\frac{400}{-0.1} \\ x=4000 \end{gathered}$

Answer: At 9% the bank loan out 4000