Problema Solution
A bank loaned out $12,000, part of it at the rate of 8% per year and the test say the rate of 18% per year. If the interest recurve totaled $1000, how much was loaned at 8%?
Answer provided by our tutors
A bank loaned out $12,000, part of it at a rate of 8% per year and the rest at the rate of 18% per year. If the interest received totaled $1000, how much was loaned at 8%?
Let x = amount loaned at 8%
($12,000 - x) = amount loaned at 18%
the interest received totaled $1000 means:
0.08x + 0.18(12000 - x) = 1000
by solving we find:
x = $11,600
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$11,600 was loaned at 8%.