how much was loaned at 8%?

Question

A bank loaned out $12000, part of it at the rate of 8% per year and the rest at the rate of 18% per year. If the interest received totaled $1000, how much was loaned at 8%?

Answer 1

Set up a table (can be used for mixture problems)

 

Parts               $            x      Rate     =  Interest

8% rate          x                    0.08          0.08x

18% rate   $12000 - x           0.18          0.18(12000 - x)

Total         $12000                ------         1000

 

8% rate Interest + 18% rate Interest = Total Interest