This question requires a comparison between two different variables 6% and 16% values. If we let x=$ loaned on 6% loans and y=$ loaned on 16% loans, then we can relate two equations.
0.06x + 0.16y = $1500 --> referencing the interest earned from each percentage loaned.
x + y = $16000 --> referencing the total amount of money loaned out.
Rearrange either equation and substitute for a value in the other equation or use elimination to determine each individual variable.
You need to find a number that all three of those numbers go into. They all go into 60. Then, divide 60 by three because there are three items. 60 divided by 3 is 20, which is the answer.
