Question

A bank loaned out $120,000, part of it at a rate of 8% per year and the rest at the rate of 12% per year. if the interested received totaled $11,000, how much was loaned at each rate?

Answer 1

I guess this means interest in one year.
.08(x) + .12(120,000-x) = 11,000
solve for x

Answer 2

.7638

Answer 3

$85000 and $35000

Answer 4

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 $1000, how much was loaned at 8%?