Question

A bank loaned out ​$18,000 ​, part of it at the rate of 6 % per year and the rest at 14 % per year. If the interest received in one year totaled ​$2000​, how much was loaned at 6 % ?

How much of the $18000 did the bank loan out at 6%?

Answer 1

$6500

Explanation:

A bank loaned out ​$18,000

Let x be the part of amount at the rate of 6 % per year

So, Remaining amount = 18000-x

So, the part of amount at the rate of 14 % per year = 18000-x

the interest received in one year totaled ​$2000​

Formula :
`SI = (P * R * T)/(100)`

P is the principal

R = rate of interest

T = Time

SI at 6%+SI at 14% = 2000

`(x * 6 * 1 )/(100)+((18000-x) * 14 * 1 )/(100)=2000`

`(-2 )/(25)(x-31500)=2000`

`x=6500`

Hence the bank loan out at 6% is $6500