Question

A bank loaned out a $17,000 part of the rate at 8% per year in the rest of the year at 16% if the interest received in one year total 2000 how much was loaned at 8%? How much of the 17,000 in the bank loan out at 16%

Answer 1

Given:

`\begin{gathered} Principal,P=\text{ \$}17,000 \\ Interest,I=\text{ \$}2,000 \end{gathered}`

Let the principal invested at 8% rate be x

Let the principal invested at 16% rate be y

`\begin{gathered} Thus\text{ total principal gotten is:} \\ P=x+y \\ x+y=17000.....................(1) \end{gathered}`

Hence, using the simple interest formula;