A bank loaned out $17,000, part of it at the rate of 6% per year and the rest at 16% per year. If the interest received in one year totaled $1500, how much was loaned at 6%?

Answer 1

Let x = the amount loaned at 6%

17,000-x = the amount loaned at 16%

Then,

.06x + .16(17,000-x) = 1500 or .06x -.16x + 2720 = 1500

then .1x = 1220 x = 12,200

and 17,000-x = 4,800

Therefore, $12,200 was loaned at 6%

and $4,800 was loaned at 16%