SOLUTION: a bank loaned out $15000, part of it at 8% per year, the rest at 18% per year. if the interest received in one year totaled $2000, how much was loaned at 8%?

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Question 1205334: a bank loaned out $15000, part of it at 8% per year, the rest at 18% per year. if the interest received in one year totaled $2000, how much was loaned at 8%?
Found 2 solutions by MathLover1, ikleyn:
Answer by MathLover1(20850)   (Show Source): You can put this solution on YOUR website!

Total amount loaned = $
= total amount loaned at %=

= total amount loaned at%=

so,

....solve for
.......eq.1

if received in one year totaled in one year
....eq.2
substitute







go to
.......eq.1, substitute



answer: $was loaned at %
Answer by ikleyn(52905)   (Show Source): You can put this solution on YOUR website!
.
15000 total part of it at 0.08 per year, the rest at 0.18 per year.
if received in one year totaled 2000, how much was loaned at 0.08?
~~~~~~~~~~~~~~~~~~~~ 

x at 0.08; the rest, (15000--x), at 0.18.


Write equation for the annual interest

    0.08x + 0.18*(15000-x) = 2000.


Simplify and solve for x

    0.08x + 0.18*15000 - 0.18x = 2000

    0.08x - 0.18x = 2000 - 0.18*15000

      -0.1x       =   -700

          x       = -700/(-0.1) = 70000.


ANSWER.  7000 at 0.08.

Solved.



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