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%?
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 be the amoutn loaned at 6%. then is the amount loaned at 13%
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?