SOLUTION: I am in a College Algebra class online and could use a little help with a word problem regarding banking. The question is: Wendy, a loan officer at a bank, has 1,000,000 to len

Question 812028: I am in a College Algebra class online and could use a little help with a word problem regarding banking.
The question is:
Wendy, a loan officer at a bank, has 1,000,000 to lend and is required to obtain an average return of 18% per year. If she can lend at the rate of 19% or at the rate of 16%, how much can she lend at the rate of 16% and still meet her requirement?
I am thinking that you would use the formula I=PRT but I am unsure of how to set up this problem.
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
Wendy, a loan officer at a bank, has 1,000,000 to lend and is required to obtain an average return of 18% per year. If she can lend at the rate of 19% or at the rate of 16%, how much can she lend at the rate of 16% and still meet her requirement?
--------------
18% of 1000000 = 180000 she has to make on interest.
---
s = amount @ 16%
--
0.16s + 0.19(1000000 - s) = 180000
16s + 19000000 - 19s = 18000000
-3s = -10000000
s = $333,333.33

RELATED QUESTIONS
Hi I am in a college algebra class and we have to chart a linear equation using the... (answered by Fombitz)

Hi everyone. I am having a little problem with word problems for my math class I was... (answered by stanbon)

Okay this is Very confusing to me since I just opened my Algebra book for my online class (answered by richard1234)

Hello, I am having a question on 1 problem for my online Algebra class that just are... (answered by jim_thompson5910)

I am studying for a college algebra test and have hit a wall with this question: Let... (answered by oscargut)

I am taking and online algebra class in college and my professor gave us a project and... (answered by Edwin McCravy)

i am looking for help passing this class.. willing to pay someone to take the remaining... (answered by solver91311,MathTherapy)

I just statred college after I was off for 10 years. In high school I loved it and did... (answered by bucky)

Im taking an online class from a college can u still help me with the algebra problems... (answered by ankor@dixie-net.com)