SOLUTION: A book loaned out $250,000, part of it at the rate of 8% annual mortgage interest and the rest at the rate of 18% annual credit card interest. The interest recieved on both loans

Question 350069: A book loaned out $250,000, part of it at the rate of 8% annual mortgage interest and the rest at the rate of 18% annual credit card interest. The interest recieved on both loans totaled $23,000. How much was loaned at each rate?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
.18X+.08(250,000-X)=23,000
.18X+20,000-,08X=23,000
.10X=23,000-20,000
.10X=3,000
X=3,000/.10
X=$30,000 AMOUNT INVESTED @ 18%.
250,000-30,000=$220,000 AMOUNT INVESTED @ 8%.
PROOF:
.18*30,000+.08*220,000=23,000
5,400+17,600=23,000
23,000=23,000

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