Problema Solution
A bank loaned out $120,000, part of it at the rate of 8% per year and the rest at the rate of 12% per year. If yhe interest recieved totaled $11,000, how much was loaned at 8%?
Answer provided by our tutors
let x = the amount with 8% interest.
let y = the amount with 12% interest.
x + y = 120000(1)
0.08x + 0.12y = 11000 (2)
multiply (1) by -0.8:
-0.08x - 0.08y = - 9600 (3)
(2) + (3):
0.04y = 1400
y = 35000
x = 120000 - 35000 = 85000
$85000 was loaned at 8%