Last year, a women's professional organization made two small-business loans totaling $28,000 to young women beginning their own businesses. the money was lent at 7% and 14% simple interest rates. if the annual income the organization received from these loans was $3,430, what was each loan amount?

$7,000 at a rate of 7% and $21,000 at a rate of 14%.

Step-by-step explanation:

Let x be amount invested at 7% and y be amount invested at 14%.

We have been given that a women's professional organization made two small-business loans totaling $28,000. We can represent this information in an equation as:

The interest earned at 7% in one year would be and interest earned at 14% in one year would be .

We are also told that the organization received from these loans was $3,430. We can represent this information in an equation as:

Form equation (1), we will get:

Upon substituting this value in equation (2), we will get:

Therefore, an amount of $21,000 was invested at a rate of 14%.

Therefore, an amount of $7,000 was invested at a rate of 14%.

you should at least use a calculater

step-by-step explanation:

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