Question

A Bank loaned out $12,000, part of it at the rate of 8% per year and the rest at the the rate of 18% per year. If the interest recieved totaled $1000, how much was loaned at 8%?

Answer 1

Answer:

amount loaned at 8% interest is $11.60

Explanation:

given data

loan =  $12,000

rate = 8% per year = 0.08

other rate = 18% per year = 0.18

interest receive = $1000

solution

we first consider here amount for loaned at 8% = x

so here amount for loaned at 18%  will be = $12,000 - x  

so we can say interest received equation will be here as

$1,000  = (0.08)x + (0.18)($12,000 - x)

solve it we get

x = $11.600

so amount loaned at 8% interest is $11.60