Math Problem Statement
A bank loaned out $19000 part of it at the rate of 6% per year and the rest 14% per year. If interest received in one year totaled $1500, how much was loaned at 6%? How much of the $19000 did the bank loan out at 6%?
Solution
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Math Problem Analysis
Mathematical Concepts
Algebra
Simple Interest
Linear Equations
Formulas
Interest = Principal × Rate × Time
Total Interest: 0.06x + 0.14(19000 - x) = 1500
Theorems
Simple Interest Formula
Suitable Grade Level
Grades 9-11