Question

A bank loaned out ​$​12,00, part of it at the rate of 9% per year and the rest at 19% per year. If the interest received in one year totaled ​$​1,500, how much was loaned at 9%

Answer 1

$7,800 was invested at 9% and $4,200 at 19%.

Explanation:

Given that a bank loaned out $ 12,000, part of it at the rate of 9% per year and the rest at 19% per year, if the interest received in one year totaled $ 1,500, to determine how much was loaned at 9% the following calculation must be performed:

12,000 x 0.09 + 0 x 0.19 = 1,080

10,000 x 0.09 + 2,000 x 0.19 = 1,280

8,000 x 0.09 + 4,000 x 0.19 = 1,480

7,900 x 0.09 + 4,100 x 0.19 = 1,490

7,800 x 0.09 + 4,200 x 0.19 = 1,500

Thus, $ 7,800 was invested at 9% and $ 4,200 at 19%.