SOLUTION: Please help me solve this problem. A bank loaned out ​$16000, part of it at the rate of 7% per year and the rest at 17% per year. If the interest received in one year totaled
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Please help me solve this problem. A bank loaned out ​$16000, part of it at the rate of 7% per year and the rest at 17% per year. If the interest received in one year totaled
Log On
Question 1065894: Please help me solve this problem. A bank loaned out $16000, part of it at the rate of 7% per year and the rest at 17% per year. If the interest received in one year totaled $2000, how much was loaned at 7%? How much of the $16000 did the bank loan out at 7%?
You can put this solution on YOUR website!
x = amount lent out at 7%
0.07(x) + 0.17(16000-x) = 2000
0.07x + 2720 - 0.17x = 2000
-0.1x = 2000 - 2720
-0.1x = -720
x = 7200
16000-x = 8800
—
Ans: $7200 was lent at 7%, $8800 was lent at 17%
—
Check: $7200*0.07 + $8800*0.17 = $504 + $1496 = $2000 (ok)
