Problema Solution
A bank loaned out $19000,part of it at the rate of 8% per year and the rest at 16% per year. If the interest received in one year totaled $2500, how much was loaned at 8%?
Answer provided by our tutors
let 'x' represent the amount loaned at 8%, then '19000-x' represents the amount loaned at 16%
interest = principal * rate * time
we take time to be equal to 1
2500 = 0.08x + 0.16(19000-x)
solving for 'x' we have x=6750
19000-6750 = 12250
$6,750 was loaned at 8%