SOLUTION: A bank loaned out $12,000, part of it at the rate of 8% per year and the rest at the rest of 18% per year. If the interest received totalled $1000, how much was loaned at 8%?
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: A bank loaned out $12,000, part of it at the rate of 8% per year and the rest at the rest of 18% per year. If the interest received totalled $1000, how much was loaned at 8%?
Log On
Question 1199488: A bank loaned out $12,000, part of it at the rate of 8% per year and the rest at the rest of 18% per year. If the interest received totalled $1000, how much was loaned at 8%?
Let me see.
Let x = amount loaned at 8%
Separate 12,000 into two parts.
Part 1 = 0.08x
Part 2 = 0.18(12,000 - x)
My equation should be this way:
Part 1 + Part 2 = Interest received total
0.08x + 0.18(12,000 - x) = 1000
Is this the correct equation needed to solve the problem? Answer by ikleyn(52786) (Show Source):
