Homework Help: COLLEGE ALGEBRA

Posted by SARAH on Sunday, June 12, 2011 at 5:40pm.

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 - Damon, Sunday, June 12, 2011 at 5:42pm
I guess this means interest in one year.
.08(x) + .12(120,000-x) = 11,000
solve for x
COLLEGE ALGEBRA - joe, Wednesday, June 15, 2011 at 1:33pm
.7638

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