Question

A bank loaned out ​$14 comma 000​, part of it at the 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 mark

Answer 1

$9250 was loaned at the rate of 8% per year.

Explanation

Suppose, the amount of loan at 8% was  $x$ dollar.

As the total amount of loan was $14000 , so the amount of loan at 16% will be: $(14000-x) dollar$

Given that, the total the interest received in one year was ​$1500. So, the equation will be....

$0.08x+0.16(14000-x)=1500\\ \\ 0.08x+2240-0.16x=1500\\ \\ -0.08x=1500-2240\\ \\ -0.08x=-740\\ \\ x=\frac{-740}{-0.08}=9250$

So, the amount of loan at 8% was $9250