Question

A bank loaned out ​$18,000 ​, part of it at the rate of 6 % per year and the rest at 14 % per year. If the interest received in one year totaled ​$2000​, how much was loaned at 6 % ?
How much of the $18000 did the bank loan out at 6%?

Answer 1

Answer:

$6500

Step-by-step explanation:

A bank loaned out ​$18,000

Let x be the part of amount  at the rate of 6 % per year

So, Remaining amount = 18000-x

So, the part of amount at the rate of 14 % per year = 18000-x

the interest received in one year totaled ​$2000​

Formula : $SI = \frac{P \times R \times T}{100}$

P is the principal

R = rate of interest

T = Time

SI at 6%+SI at 14% = 2000

$\frac{x \times 6 \times 1 }{100}+\frac{(18000-x) \times 14 \times 1 }{100}=2000$

$\frac{-2 }{25}(x-31500)=2000$

$x=6500$

Hence the bank loan out at 6% is $6500