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Math Help - Math Word Problem

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    Math Word Problem

    A bank loaned out $15,000 to a college student. Part of this money was loaned at a rate of 6% per year, and the rest of the $15,000 was loaned at a rate of 13% per year. If the bank received $1390 in interest, how much was loaned at 6%?
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    Quote Originally Posted by Tammy07 View Post
    A bank loaned out $15,000 to a college student. Part of this money was loaned at a rate of 6% per year, and the rest of the $15,000 was loaned at a rate of 13% per year. If the bank received $1390 in interest, how much was loaned at 6%?
    how long was the loan active for?

    assuming the interest collected was at the end of the first year:

    let x be the amoutn loaned at 6%. then 15000 - x is the amount loaned at 13%

    the interest on x is: 0.06x

    the interest on the rest is: 0.13(15000 - x)

    the total interest is: 1390

    thus, 0.06x + 0.13(15000 - x) = 1390

    now solve for x
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  3. #3
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    Quote Originally Posted by Tammy07 View Post
    A bank loaned out $15,000 to a college student. Part of this money was loaned at a rate of 6% per year, and the rest of the $15,000 was loaned at a rate of 13% per year. If the bank received $1390 in interest, how much was loaned at 6%?
    Simple or compound interest?
    How many years was the loan taken over?
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