Peter, a loan officer at a bank, has 1,000,000 to lend and is required to obtain an average return 18 percent per year. If he can lend at the rate of 19 percent or at the rate of 16 percent, how much can he lend at the 16 percent rate and still meet his requirement?
I get lost with so many percents.
Do I really ned to use all the percents given?
For example, 16% is given twice in the question to confuse the student, right?