Set up an equation that can be used to solve the problem. Solve the equation and answer the question asked.
-A bank loaned out $63,000, part of it at the rate of 11% per year and the rest at a rate of 4% per year. If the interest received was $4830, how much was loaned at 11%?
A) $33,000
B) $29,000
C) $30,000
D) $34,000

Question

Quizplus · Accepted Answer

Let x be the amount loaned at 11%. Then, the amount loaned at 4% is $63,000 - x. The equation for the total interest is 0.11x + 0.04(63,000 - x) = 4,830. Solving this equation gives x = $33,000.

Set Up an Equation That Can Be Used to Solve