SOLUTION: Last year, Josh had $20,000 to invest. He invest some of it in an account that paid 7% simple interest per year, and he invest the rest in an account that paid 6% simple interest p

Question 1032675: Last year, Josh had $20,000 to invest. He invest some of it in an account that paid 7% simple interest per year, and he invest the rest in an account that paid 6% simple interest per year. After one year he received a total of $1250 in interest. How much did he invest in each account?

Answer by jorel555(1290) (Show Source): You can put this solution on YOUR website!
Let n be the amount invested at 7%. Then:
.07n+.06(20000-n)=1250
.07n+1200-.06n=1250
.01n=50
n=$5000 invested at 7%, and $15000 invested at 6%!!!!!!!!!!!!!!
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