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6 September, 16:26

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

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  1. 6 September, 16:43
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    amount loaned at 8% interest is $11.60

    Explanation:

    given data

    loan = $12,000

    rate = 8% per year = 0.08

    other rate = 18% per year = 0.18

    interest receive = $1000

    solution

    we first consider here amount for loaned at 8% = x

    so here amount for loaned at 18% will be = $12,000 - x

    so we can say interest received equation will be here as

    $1,000 = (0.08) x + (0.18) ($12,000 - x)

    solve it we get

    x = $11.600

    so amount loaned at 8% interest is $11.60
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