SOLUTION: Phil as $20,000, part of which he invests at 8% interest and the rest at 6%. If his total income from the two investments after one year was $1460, how much did he invest at each

Question 339638: Phil as $20,000, part of which he invests at 8% interest and the rest at 6%. If his total income from the two investments after one year was $1460, how much did he invest at each rate?
I actually have the answers on my homework sheet, but for the life of me I cannot remember how to set up this problem. If you could explain it would be greatly appreciated.
Answer by scott8148(6628) (Show Source): You can put this solution on YOUR website!
x(8%) + (20000 - x)(6%) = 1460

.08x + 1200 - .06x = 1460

.02x = 260

you can finish this
RELATED QUESTIONS
Logan has $20,000 part of which he invests at 10% interest and the rest at 6% interest.... (answered by jorel555)

Willard invests a part of 50 000 pesos in a bank paying 12% interest annually and the... (answered by richwmiller)

A man has $5000 to invest. He invests part of it at 4 per cent, and the rest at 3 per... (answered by richwmiller)

Linda invests $25,000 for one year. Part is invested at 5%, another part at 6%, and the... (answered by ikleyn,greenestamps)

Solve the problem. Linda invests $25,000 for one year. Part is invested at 5%, another (answered by mananth)

Part of a $8, 000 inheritance was invested at 10% interest and the rest was in- vested at (answered by stanbon)

A student invests part of $10,000 at 6% annual interest and the rest at 5%. If the... (answered by checkley77)

Mr. Santos invested 50,000 pesos, part of which at 5% per year and the rest at 6% per... (answered by checkley71)

A man invests part of 17,000 pesos at 8% and the rest at 9%. If the annual income... (answered by checkley79)