Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A bank loaned out $31,000, part of it at the rate of 8% annual interest, and the rest at 10% annual interest. The total

image text in transcribed

A bank loaned out $31,000, part of it at the rate of 8% annual interest, and the rest at 10% annual interest. The total interest earned for both loans was $2,710.00. How much was loaned at each rate? was loaned at 8% and S $ was loaned at 10%.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Measures Of Symmetry For Convex Sets And Stability

Authors: Gabor Toth

1st Edition

3319237330, 9783319237336

More Books

Students also viewed these Mathematics questions