Question

A bank loaned out $12,000, part of it at the rate of 9% per year and the rest 19% per year. If the interest received in one year totaled $15,000, how much was loaned at 9%

Answer 1

You don't really need the I = prt formula to solve this problem.

Try this:

Let x = 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.

see if this help