Problema Solution
A bank loaned $19,375 at an annual rate of 16% some at an annual rate of 12%. If the income from these loans was $2,600 how much was loaned at 12%?
Answer provided by our tutors
Let X be the amount loaned
S.I=(19375-X)*0.16)+(X*0.12)
S.I=2600
solving for X
We Get $12500 was loaned at 12%