Question

a bank loaned out $13,000 part of it at a rate of 8% per year and the rest at 16% per year. if the interest received in one year totaled $1500 how much was loaned at 8%. ​

Answer 1

Answer: $725

Explanation:

Let x represent the amount invested at 8%, then $13,000 - x is the amount invested at 16%.

0.08(x) + 0.16(13,000 - x) = 1500

0.08x + 2080 - 0.16x = 1500

2080 - 0.08x = 1500

- 0.08x = -580

x = 7250