SOLUTION: A man invested $6000, part of it at 5% simple interest and the rest at 7% simple interest. If his annual interest income is $372, how much did he invest at each rate?

SOLUTION: A man invested $6000, part of it at 5% simple interest and the rest at 7% simple interest. If his annual interest income is $372, how much did he invest at each rate?

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Question 219659: A man invested $6000, part of it at 5% simple interest and the rest at 7% simple interest. If his annual interest income is $372, how much did he invest at each rate?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
.07x+.05(6,000-x)=372
.07x+300-.05x=372
.02x=372-300
.02x=72
x=72/.02
x=3,600 amount invested @ 7%.
6,000-3,600=2,400 amount invested @ 5%.
Proof:
.07*3,600+.05*2,400=372
252+120=372
372=372

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