Question

A Bank loaned out $20, 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 total 2000 how much was it loaned at 6%

Answer 1

Let x= amount loaned at 6%

Then,

20000-x=amount loaned at 14%

.06x+.14x(20000-x)=2000

.06x+2800-14x=2000

2800-0.8x=2000

-0.8x=-800

X=10000 (answer)