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Mon 11 Jul, 2005 05:30 am
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 the loaned at 8%?
Can I use the famous formula I = prt where I = interest, p = principal and r = rate?
The answer is "no". You'll have to create your own algebaic formula using all of the data given. You must use both %'s in your formula. I'll not do your homework completely.
I should add that you are in effect using the I=PRT formula in creating the formula,
hey
Can you set up the right equation for me? I will then be able to continue on my own.
I'll give you a start.
Let X=the amount borrowed at 8%
12000-X=the amount borrowed at 18%
There is one more "given" in the problem. Combine that with the above.
Good Luck!!
okay
I think I can find the rest and take it from there.
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