Question

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 year totaled $1000, how much was loaned at 6%?
How much of the $10,000 did the bank loan out at 6%?

Answer 1

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%.