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A bank loaned out a $17,000 part of the rate at 8% per year in the rest of the year at 16% if the interest received in one year total 2000 how much was loaned at 8%? How much of the 17,000 in the bank loan out at 16%

Respuesta :

Solution:

Given:

[tex]\begin{gathered} Principal,P=\text{ \$}17,000 \\ Interest,I=\text{ \$}2,000 \end{gathered}[/tex]

Let the principal invested at 8% rate be x

Let the principal invested at 16% rate be y

[tex]\begin{gathered} Thus\text{ total principal gotten is:} \\ P=x+y \\ x+y=17000.....................(1) \end{gathered}[/tex]

Hence, using the simple interest formula;

[tex][/tex]

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