Solve the problem.
-A bank loaned out $68,000, part of it at the rate of 13% per year and the rest at a rate of 6% per year. If theinterest received was $6,040, how much was loaned at 13%?
A)$28,000
B)$40,000
C)$29,000
D)$39,000

Question

Quizplus · Accepted Answer

The total interest for the year can be represented by the equation: 0.13x + 0.06(68,000 - x) = 6,040, where x is the amount loaned at 13%. Solving this equation for x gives the amount loaned at 13% as $28,000.

Solve the Problem. -A Bank Loaned Out $68,000, Part of It at the It