Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A bank loaned out $31,500, part of it at the rate of 15% annual interest, and the rest at 3% annual interest. The total

 

A bank loaned out $31,500, part of it at the rate of 15% annual interest, and the rest at 3% annual interest. The total interest earned for both loans was $2,985.00. How much was loaned at each rate? 2$ was loaned at 15% and was loaned at 3%. %24

Step by Step Solution

3.39 Rating (158 Votes )

There are 3 Steps involved in it

Step: 1

We have given that 31500 loaned out by the bank Let us sup... 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

Financial management theory and practice

Authors: Eugene F. Brigham and Michael C. Ehrhardt

12th Edition

978-0030243998, 30243998, 324422695, 978-0324422696

More Books

Students also viewed these Finance questions