Problema Solution
a bank loaned out $16,000, part of it at the rate of 8% per year and the reat at 18% per year. if the interest received in one year totaled $2,000, how much was loaned at 8%?
Answer provided by our tutors
We assume x was loaned at 8% and (16,000 -x )was loaned at 18%
So the the interest received in one year =
0.08x + 0.18*(16,000 -x) = 2000
so
x = 8,800
So
$8,800 was loaned at 8%