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How do I set up a problem to find the portions of a loan that has two different interest rates?
Loan amount = 12,000
Interest Rate 1 = 8%
Interest Rate 2 = 18%
Total interest received = 1,000
This IS the entire problem. A bank issues a loan of 12,000 part of which has an interest rate of 8% and part of which has an interest rate of 18%. if the bank receives $1000 in interest, what portion of the loan had an 8% interest rate and what portion had a 18% interest rate.
1 Answer
- alexLv 74 years ago
hint:
1st part = $x -->2nd part = $(12000-x)
interest = Loan amount * interest rate
