Question

A bank loaned out 16,000 ​$​, part of it at the rate of 6% per year and the rest at 14% per year. If the interest received in one year totaled 1500​$​, how much was loaned at 6%

Answer 1

This question requires a comparison between two different variables 6% and 16% values. If we let x=$ loaned on 6% loans and y=$ loaned on 16% loans, then we can relate two equations.

0.06x + 0.16y = $1500 --> referencing the interest earned from each percentage loaned.

x + y = $16000 --> referencing the total amount of money loaned out.

Rearrange either equation and substitute for a value in the other equation or use elimination to determine each individual variable.

Explanation: