document.write( "Question 87051This question is from textbook Intoductory Algebra
\n" ); document.write( ": A bank loaned out $120,000, 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 received on both loans totaled $10,000. How much was loaned at each rate? \r
\n" ); document.write( "\n" ); document.write( "I've tried calculating this and I can't make it work within the $10,000 interest amount. I keep coming up with more interest than this. The problem is from a worksheet handed out my the instructor and is not in my textbook. \n" ); document.write( "
Algebra.Com's Answer #63329 by rossiv53(27)\"\" \"About 
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Since the bank lent out two amounts, substitute x for one of the amounts. It doesn't matter which one. First amount is x and second amount is (120,000-x).
\n" ); document.write( "We know that the principal multiplied by the rate of interest will give us the interest. First amount is x multipied by 8% or .08. That interest is equal to .08x. Second amount is (120,000-x) multiplied by 18% or .18. That interest is equal to .18(120,000-x). Since you know that the interest from both amounts is equal to 10,000, you can set up your equation as
\n" ); document.write( ".08x+.18(120,000-x)=10,000 then solve for x.
\n" ); document.write( ".08x + 21600-.18x=10000
\n" ); document.write( "-.10x+21600=10000
\n" ); document.write( "-.10x+21600-21600=10000-21600
\n" ); document.write( "-.10x=-11600
\n" ); document.write( "x=116,000
\n" ); document.write( "Second equation is 120,000-116,000. That is equal to 4,000.\r
\n" ); document.write( "\n" ); document.write( "So, 116,000 was lent at 8% and 4000 at 18%. The combined interest from these amounts equals 10,000.
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