SOLUTION: A bank loaned out ​$14,000​, part of it at the rate of 8 % per year and the rest at 16 % per year. If the interest received in one year totaled ​$1500​, how much was loaned

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Question 1143897: A bank loaned out ​$14,000​, part of it at the rate of 8 % per year and the rest at 16 % per year. If the interest received in one year totaled ​$1500​, how much was loaned at 8 % ?
Answer by ikleyn(52776)   (Show Source): You can put this solution on YOUR website!
.
Let x be the amount loaned at 8%.


Then the amount loaned at 16% is the rest  (14000-x) dollars.


Your equation is


    interest + interest       = total interest,    or


    0.08x    + 0.16*(14000-x) = 1500    dollars.


From the equation express x and calculate


    x =  = 9250.


ANSWER.  $9250 was invested at 8%.

--------------------

It is a standard and typical problem on investments.

If you need more details,  or if you want to see other similar problems solved by different methods,  look into the lesson
    - Using systems of equations to solve problems on investment
in this site.

You will find there different approaches  (using one equation or a system of two equations in two unknowns),  as well as
different methods of solution to the equations  (Substitution,  Elimination).

Also,  you have this free of charge online textbook in ALGEBRA-I in this site
    - ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lesson is the part of this online textbook under the topic  "Systems of two linear equations in two unknowns".


Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.


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