SOLUTION: Larry Mitchell invested part of his $31,000 advance at 5% annual simple interest and the rest at 2% annual simple
interest. If his total yearly interest from both accounts was $1,
Algebra.Com
Question 1196240: Larry Mitchell invested part of his $31,000 advance at 5% annual simple interest and the rest at 2% annual simple
interest. If his total yearly interest from both accounts was $1,430, find the amount invested at each rate.
The amount invested at 5% is $=
The amount invested at 2% is $=
Answer by amoresroy(361) (Show Source): You can put this solution on YOUR website!
Let x = amount invested at 5% in $
31,000 - x = amount invested at 2% in $
Equation
.05x + .02(31,000 - x) = 1,430
.05x + 620 - .02x = 1,430
.03x = 1,430 - 620
x = 810/.03
x = 27,000
Answer:
The amount invested at 5% is $27,000.
The amount invested at 2% is $4,000.
RELATED QUESTIONS
Larry Mitchell invested part of his $30,000 advance at 5% annual simple interest and the... (answered by greenestamps)
Larry Mitchell invested part of his
$16,000
advance at
5%
annual simple interest... (answered by ewatrrr)
Larry Mitchell invested part of his $22,000 advance at 5% annual simple interest and the... (answered by addingup)
larry mitchell invested part of his 13,000 advance at 6% annual simple interest and the... (answered by richwmiller)
Larry Mitchell invested part of his $ 35,000
advance at 7%
annual simple... (answered by addingup)
Larry Mitchell invested part of his $20000 advance at 2% annual simple interest and rest... (answered by solver91311)
larry mitchell invested part of his 28000 advance at 3% annual simple interest and the... (answered by checkley79)
larry mitchell invested part of his $34,000 advance at 5% annual simple interest and the... (answered by fractalier)
larry mitchell invested part of his $33,000 advance at 2% annual simple interest and the... (answered by jorel555)