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Sentient6
Algebra word problem need help deriving a formula?
I would greatly appreciate it ifsomeone could explain this I'm not looking for the answer I just want to be able to derive the equation.
Patrick is a loan officer at a bank. He has 2,000,000 to lend out and has two loan programs. His home equity is priced at 6% per annum, while his unsecured personal loan is priced at 14%. The bank president wants parick to earn a rate of return of 12% on the 2,000,000 available. How much should patrick lend out at 6%.
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