Set Up an Equation That Can Be Used to Solve

question 44

Multiple Choice

Set up an equation that can be used to solve the problem. Solve the equation and answer the question asked.
-A bank loaned out $63,000, part of it at the rate of 11% per year and the rest at a rate of 4% per year. If the interest received was $4830, how much was loaned at 11%?

• A) $33,000
• B) $29,000
• C) $30,000
• D) $34,000

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Definitions:

Property Loss

Property loss refers to the damage or destruction of property, leading to a financial loss to the owner or insured party.

Adverse Selection

This occurs when there is a lack of symmetric information prior to a deal, leading parties with higher risk to be more likely to engage in an agreement, notably impacting insurance and finance markets.

Reckless Drivers

Individuals who operate vehicles in a careless or heedless manner without regard for the rules of the road or the safety of others.

Safety Devices

Tools or technologies designed to prevent accidents, injuries, or other hazardous outcomes in various environments.