Solve the Problem. -A Bank Loaned Out $57,000, Part of It at the It

question 243

Multiple Choice

Solve the problem.
-A bank loaned out $57,000, part of it at the rate of 2.5% per year and the rest at a rate of 3.5% per year. If the interest received was $1705.00, how much was loaned at 2.5%?

• A) $27,000
• B) $29,000
• C) $28,000
• D) $30,000

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Definitions:

UML Class Diagram

A type of static structure diagram in the Unified Modeling Language (UML) that describes the structure of a system by showing the system's classes, attributes, operations, and the relationships among objects.

Savings Account

A deposit account held at a financial institution that provides principal security and a modest interest rate.

Recursive Methods

Functions in programming that call themselves in order to solve a problem by breaking it down into smaller and simpler sub-problems.

Iterative Equivalent

An approach or version of an algorithm that uses loops to repeatedly execute instructions until a condition is met, as opposed to recursion.