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%.

Question

Mathematics

Saul Grimes

19 May, 12:06

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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Answers (1)

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Cecelia Castillo · Answer 1

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