College Algebra (10th Edition)

Published by Pearson
ISBN 10: 0321979478
ISBN 13: 978-0-32197-947-6

Chapter 1 - Section 1.7 - Problem Solving: Interest, Mixture, Uniform Motion, Constant Rate Job Applications - 1.7 Asses Your Understanding - Page 141: 21

Answer

See below.

Work Step by Step

Let $x$ be the amount loaned out at $8\%$, then $12000-x$ is the amount loaned out at $18\%$, then our equation is: $1.08x+(12000-x)1.18=12000+1000\\1.08x+14160-1.18x=13000\\0.1x=1160\\x=11600$ So $11600$ should be the amount loaned out at $8\%$ and then $400$ is the amount loaned out at $18\%$.
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