SOLUTION: A bank loaned out $17,000, part of it at 6% per year, and the rest at 16% per year. If the interest received in one year totaled $1500, how much was loaned out at 6%? How much

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Question 626526: A bank loaned out $17,000, part of it at 6% per year, and the rest at 16% per year. If the interest received in one year totaled $1500, how much was loaned out at 6%?
How much of the $17000 did the bank loan out at 6%?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

A bank loaned out $17,000, part of it at 6% per year, and the resthighlight%28x%29 at 16% per year. 

If the interest received in one year totaled $1500, how much was loaned out at 6%? 

Question states***

 .06(17000-x) + .16x = $1500

                 .10x = 1500-1020

                     x = $4800, amount loaned at 16%. $12,200 at 6%

and...

CHECKING our Answer***

.16%2A4800+%2B+.06%2A12200+=+1500