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March 28, 2017

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A bank loaned out $120,000, part of it at a rate of 8% per year and the rest at the rate of 12% per year. if the interested received totaled $11,000, how much was loaned at each rate?

  • COLLEGE ALGEBRA - ,

    I guess this means interest in one year.
    .08(x) + .12(120,000-x) = 11,000
    solve for x

  • COLLEGE ALGEBRA - ,

    .7638

  • COLLEGE ALGEBRA - ,

    $85000 and $35000

  • COLLEGE ALGEBRA - ,

    A bank loaned out $12,000, part of it at the rate of 8% per year and the rest at the rate of 18% per year. If the interest received totaled $1000, how much was loaned at 8%?

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