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

Question 1199488: A bank loaned out $12,000, part of it at the rate of 8% per year and the rest at the rest of 18% per year. If the interest received totalled $1000, how much was loaned at 8%?

Let me see.

Let x = amount loaned at 8%

Separate 12,000 into two parts.

Part 1 = 0.08x

Part 2 = 0.18(12,000 - x)

My equation should be this way:

Part 1 + Part 2 = Interest received total

0.08x + 0.18(12,000 - x) = 1000

Is this the correct equation needed to solve the problem?
Answer by ikleyn(52786) (Show Source): You can put this solution on YOUR website!
.

Your setup equation is correct.

Good job.

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