Question

A bank loaned out $18,000, part of it at the rate of 6% per year and the rest at 16% per

year. If the interest received in one year totaled $2000, how much was loaned at 6%?

Answer 1

$6500

Explanation

x = amount ($) loaned at 6%

then

18000-x = amount ($) loaned at 14%

.06x + .14(18000-x) = 2000

.06x + 2520-.14x = 2000

2520-.08x = 2000

-.08x = -520

x = $6,500