Answer:
$11,600
Step-by-step explanation:
amount loaned at 8% and ($12,000 - x) = amount loaned at 18%
Write the equation: (change the percents to decimals: 8% = 0.08 and 18% = 0.18)
(0.08)x + (0.18)($12,000 - x) = $1,000
This expresses the total amount of earned interest in terms of the amounts of the loan, x and ($12,000 - x}.
0.08x + $2,160 - 0.18x = $1,000 Simplify and solve for x.
-0.1x = -$1,160 Divide both sides by -0.1
x = $11.600 The amount loaned at 8% interest.
Answer:
You don't really need the I = prt formula to solve this problem.
Try this:
Let x = amount loaned at 8% and ($12,000 - x) = amount loaned at 18%
Write the equation: (change the percents to decimals: 8% = 0.08 and 18% = 0.18)
(0.08)x + (0.18)($12,000 - x) = $1,000
This expresses the total amount of earned interest in terms of the amounts of the loan, x and ($12,000 - x}.
0.08x + $2,160 - 0.18x = $1,000 Simplify and solve for x.
-0.1x = -$1,160 Divide both sides by -0.1
x = $11.600 The amount loaned at 8% in
Step-by-step explanation:
