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Thread: Banking

  1. #1
    Member harpazo's Avatar
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    Banking

    A bank loaned out 12,000 dollars, part at the rate of 8 percent per year and the rest at the rate of 18 per year. If the interest received totalled 1000 dollars, how much was loaned at 8 percent?

    Let x = amount of loan at 8 percent

    (12,000- x)(0.08) + (12,000)(0.18) = 1000

    Is this the correct equation?
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  2. #2
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    Re: Banking

    Quote Originally Posted by harpazo View Post
    A bank loaned out 12,000 dollars, part at the rate of 8 percent per year and the rest at the rate of 18 per year. If the interest received totalled 1000 dollars, how much was loaned at 8 percent?

    Let x = amount of loan at 8 percent
    An improvement over your previous thread! And if the bank loans "x" at 8% then there is 12000- x left to loan at 18%.

    (12,000- x)(0.08) + (12,000)(0.18) = 1000
    You just said "x = amount of loan at 8 percent" You should have x(0.08) NOT 12000- x. The remaining 12000- x is invested at 18% so you have x(0.08)+ (12000- x)(0.18)= 1000.

    Is this the correct equation?
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  3. #3
    Member harpazo's Avatar
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    Re: Banking

    x(0.08)+ (12000- x)(0.18)= 1000

    x(0.08)+ 2160- x(0.18)= 1000

    -0.1x = 1000 - 2160

    -0.1x = -1160

    x = -1160/-0.1

    x = 11,600

    The amount loaned at 8 percent is 11,600 dollars.
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  4. #4
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    Re: Banking

    Keerect!!
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  5. #5
    Member harpazo's Avatar
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    Re: Banking

    Wonderful it is to be correct. You have no idea how long I have been struggling with word problems (since my high school days) and I'm currently 53 with a passion for math.
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