Nick Receives Loans Totaling $3,600 from Two Banks

Multiple Choice

Nick receives loans totaling $3,600 from two banks. One bank charges 7% annual interest, and the second bank charges 12% annual interest. He paid $307 in total interest in one year. How much was loaned at each bank?

A) So, $2,900 was loaned at first bank and $700 was loaned at second bank.
B) So, $2,300 was loaned at first bank and $1,100 was loaned at second bank.
C) So, $2,500 was loaned at first bank and $1,100 was loaned at second bank.
D) So, $2,100 was loaned at first bank and $1,500 was loaned at second bank.
E) So, $1,100 was loaned at first bank and $2,500 was loaned at second bank.