SOLUTION: A bank loaned out $12,000, part of it at the 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%?

Question 1126493: A bank loaned out $12,000, part of it at the 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%?
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
Let the amount loaned at 8% be x
Then, the amount loaned at 18% will be 12,000 - x
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
0.08x + 0.18(12,000 - x) = 1,000
0.08x + 2,160 - 0.18x = 1,000
-0.10x = -1,160 divide, and remember -/- = +
x = 11,600 This is the amount loaned at the rate of 8%

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