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29 December, 16:52

a bank loaned out $13,000 part of it at a rate of 8% per year and the rest at 16% per year. if the interest received in one year totaled $1500 how much was loaned at 8%.

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  1. 29 December, 17:14
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    Answer: $725

    Step-by-step explanation:

    Let x represent the amount invested at 8%, then $13,000 - x is the amount invested at 16%.

    0.08 (x) + 0.16 (13,000 - x) = 1500

    0.08x + 2080 - 0.16x = 1500

    2080 - 0.08x = 1500

    - 0.08x = - 580

    x = 7250
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