SOLUTION: Mike invested $7000 for one year. He invested part of it at 8% and the rest at 12%. At the end of the year he earned $764 in interest. How much did he invest at each rate? Can some

Question 189886: Mike invested $7000 for one year. He invested part of it at 8% and the rest at 12%. At the end of the year he earned $764 in interest. How much did he invest at each rate? Can someone help me solve this problem I am confused.
Answer by jojo14344(1513) (Show Source): You can put this solution on YOUR website!

Let x = amount invested at 8%
And, $7,000 - x = amount inv. at 12%

Adding both to earn $764 interest:

Combine similar terms: (change signs, "+" or "-")

---->
x= $1,900.00 amount inv. at 8%

$7,000.00 - $1,900.00 = $5,100.00, amount inv. at 12%

Let us check,

*Note: It's just make sense to invest more on higher interest

Thank you,
Jojo
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