Question

A bank loaned out ​$11,000​, part of it at the rate of 8% per year and the rest at 18% per year. If the interest received in one year totaled ​$1500​, how much was loaned at

Answer 1

The amount loaned at 8% is  $4800.

The amount loaned at 18% is $6,200.

What are the linear equations that represent the question?

a + b - 11,000 equation 1

0.08a + 0.18b = 1500 equation 2

Where:

a = amount loaned at 8%

b = amount loaned at 18%

How much was loaned at 8 and 18%?

Multiply equation 1 by 0.08

0.08a + 0.08b = 880 equation 3

Subtract equation 3 from equation 2

0.10b = 620

b = 620 / .10

b = $6200

a = 11,000 - 6200 = $4800

To learn more about linear equations, please check: brainly.com/question/26434260

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