SOLUTION: a bank loaned out $12,000, part of it at the rate of 8% per year and the rest at 18% per year. if interest received totaled $1000, how much was loaned at 8%?

Question 1014840: a bank loaned out $12,000, part of it at the rate of 8% per year and the rest at 18% per year. if interest received totaled $1000, how much was loaned at 8%?
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
Part of 12,000 is at 8%, let's call this part x
The rest is at 18%. The rest means 12,000-x, since we just said that x is already committed at 8%. Good so far? OK, then let's write an equation:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
0.08x+0.18((12,000-x)= 1,000 Multiply on left:
0.08x+2,160-0.18x= 1,000 Subtract 2160 on both sides and subtract x on left:
-0.10x= -1,160 Divide both sides by -0.10, and remember -/- = +
x= 11,600 was loaned at 8% and only 400 at 18%
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Check:
11,600*0.08 = 928
400*0.18 = 72
Add: 928+72= 1,000 We have the correct answer.
J
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