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"Trig/Pre-Calc" word problem help?
Okay, so in my trig/pre calc we got a review sheet.
This algebra 1!!! problem has me stumped :/
Help?
A bank loaned out $12,000, part of it at the rate of 8% per year and the rest at the rate of 18% per year. If the interest received totaled $1,000, how much was loaned at 8%?
I don't even know where to start with this one.
Please help me :]
4 Answers
- julius923Lv 51 decade agoFavorite Answer
x = amount at 8%
12000-x = amount at 18%
x(1.08) + (12000-x)(1.18) = 13000
= 1.08x + 14160 - 1.18x = 13000
-0.10x = -1160
x = 11,600
- TomVLv 71 decade ago
H = amount loaned at the higher interest rate of 18%
L = amount loaned at the lower interest rate of 8%
Given:
Total amount loaned = 12000 = H + L
Total interest received = 1000 = 0.18H + 0.08L
From the first equation:
H = 12000-L
Substituting for H in the second equation:
1000 = 0.18(12000 - L) + 0.08L
1000 = 2160 - 0.18L + 0.08L
-1160 = -0.10L
L = 11600
Therefore $11,600 was loaned out at the 8% rate, and only $400 at the 18% rate.
Check:
1000 = 0.08(11600) + 0.18(400)
1000 = 928 + 72
1000 = 1000
- Anonymous1 decade ago
I'm sure there's an equation but that can solve this and I'm not fantastic at math but I guess we can assume this is one year. Taking in consideration compounding interest I would use a compounding interest rate calculator like on http://www.moneychimp.com/calculator/compound_inte... to figure this one out. Just have to divide the 12k between the two percentages and figure it out I guess. I dunno how good luck haha.
- Anonymous5 years ago
That would be an ecumenical matter. Father Jack.
