Problema Solution
A bank loaned out $14,000, part of it at the rate of 8% per year and the rest 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
let
x = the money loaned at rate 8% per year
y = the money loaned at rate 18% per year
a bank loaned out $14,000:
x + y = 18000
the interest received in one year totaled $2,000:
0.08x + 0.18y = 2000
by solving the system of equations:
x + y = 18000
0.08x + 0.18y = 2000
we find:
x = $12,400
y = $5,600
click here to see the step by step solution of the system of equations:
$12,400 was loaned at 8%.