Question

a bank loaned $20000, 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 $2000, how much was loaned at 8%?

Answer 1

Let x represent the amount loaned at 8%. Then the interest earned is given by
.. 0.08x +0.18*(20000-x) = 2000
.. -0.10x +3600 = 2000 . . . . . . . . . . collect terms
.. 1600 = 0.10x . . . . . . . . . . . . . . . . . add 0.10x -2000
.. 16000 = x . . . . . . . . . . . . . . . . . . . multiply by 10

$16,000 was loaned at 8%.