A credit union loaned out $50,000, part at an annual rate of 6% and the rest at an annual rate of 12% . The collected combined interest was $3,600 that year. How much did the credit union loan out at each rate?
+37146 x = 6% amount interest in one year = .06 x
(50000-x) = 12% amount interest after one year = .12(50 000 - x) summed = 3600
.06x + .12(50 000 -x) = 3600 solve for 'x' the 6% amount, then 12% amount = 50 000 - x
