A bank loaned out $17,000, part of it at the rate of 7% per year and the rest at 15% per year. If the interest received in one year totaled $1500, how much was loaned at 7 %?

The amount that loaned on 7 % interest rate = $ 13125

Step-by-step explanation:

Total amount = $ 17000

Let amount invested on 7 % rate = x

& amount invested on 15 % rate = 17000 - x

Total interest earned = $ 1500

⇒ 1500 = × 0.07 ×1 + ( ) × 0.15 × 1

⇒ 1500 = 0.07 + 2550 - 0.15

⇒  0.15 -  0.07 = 2550 - 1500

⇒ 0.08 = 1050

⇒ = $ 13125

This is the amount that loaned on 7 % interest rate.

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