Question

A bank loaned out 12,000 part of it at a rate of 8% per year and the rest at 18% per year. If the interest recurved in one year totaled 1500 how much was loaned at 8%

Answer 1

Answer:

$11,600

Step-by-step explanation:

amount loaned at 8% and ($12,000 - x) = amount loaned at 18%

Write the equation: (change the percents to decimals: 8% = 0.08 and 18% = 0.18)

(0.08)x + (0.18)($12,000 - x) = $1,000

This expresses the total amount of earned interest in terms of the amounts of the loan, x and ($12,000 - x}.

0.08x + $2,160 - 0.18x = $1,000 Simplify and solve for x.

-0.1x = -$1,160 Divide both sides by -0.1

x = $11.600 The amount loaned at 8% interest.