Solve the Problem. -A Bank Loaned Out $68,000, Part of It at the It

question 220

Multiple Choice

Solve the problem.
-A bank loaned out $68,000, part of it at the rate of 13% per year and the rest at a rate of 6% per year. If theinterest received was $6,040, how much was loaned at 13%?

• A)$28,000
• B)$40,000
• C)$29,000
• D)$39,000

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Definitions:

Treasury Stock

Stocks that the original issuing company has repurchased, decreasing the total number of shares available for trade in the public market.

Par Value

The nominal or face value of a bond, share of stock, or coupon as stated by the issuer, which does not necessarily reflect market value.

Cumulative

Relating to an amount that has been gathered or accumulated over time, often used in the context of dividends or other financial aggregates.

Preferred Stock

A type of equity security that has a higher claim on a company's assets and earnings than common stock, often paying fixed dividends.