The loaned amount at an 8% interest rate is $11000.
What is the loaned amount on an interest rate?
The loaned amount is the percentage of a principal based on the interest rate the lender charges.
Given that:
- A bank loaned out = $18000
- Let the part of it be x = 0.08x
- The rest should be = 0.16(18000-x)
Thus;
0.08x + 0.16(18000-x) = 2000
0.08x + 2880 - 0.16x = 2000
0.08x - 0.16x = 2000 - 2880
-0.08x = -880
x = 880/0.08
x = $11000
Learn more about loaned amount and interest rate here:
https://brainly.com/question/25696681
https://brainly.com/question/25545513
#SPJ9
