Using simple interest, it is found that $13,872 was loaned at 9%.
<h3>Simple Interest</h3>The amount of money after t years in simple interest is modeled by:
In which:
- P is the initial amount.
- r is the interest rate, as a decimal.
The interest earned is:
A bank loaned out $14000, in two parts, hence:
Part of it at the rate of 9% per year and the rest at 17% per year, hence:
The interest received in one year totaled $2000, hence:
Then:
Isolating as a function of
, then we can replace on the equation for the first interest.
Then:
$13,872 was loaned at 9%.
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