A bank loaned out $10,000, part of it at the rate of 6% per year and the rest at 16% per year. If the interest received in one y
ear totaled $1000, how much was loaned at 6%?
How much of the $10,000 did the bank loan out at 6%?
1 answer:
Answer:
$6,000 was loaned at 6%
Step-by-step explanation:
Let 'a' represent the amount loaned at 6%. Then the amount of interest from the loans was ...
a·6% + (10000 -a)·16% = 1000
-0.10a +1600 = 1000 . . . . . simplify
600 = 0.10a . . . . . . . . . . . . add 0.10a-1000
6000 = a . . . . . . . . . . . . . . divide by 0.10
The bank loaned $6000 at 6%.
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