SOLUTION: Could someone help me solve this problem? Lane invested $14,000, part at 15% and part at 2%. If the total interest at the end of the year is $1,060, how much did she invest a

Question 59590: Could someone help me solve this problem?
Lane invested $14,000, part at 15% and part at 2%. If the total interest at the end of the year is $1,060, how much did she invest at 15%?

(A) $8,000 (B) $7,000 (C) $6,000 (D) $5,000
Thank you so much,
Lyn
Answer by funmath(2933) (Show Source): You can put this solution on YOUR website!
Hi Lyn,
Lane invested $14,000, part at 15% and part at 2%. If the total interest at the end of the year is $1,060, how much did she invest at 15%?

(A) $8,000 (B) $7,000 $6,000 (D) $5,000
:
Let the amount at 15% be: x
Then the rest of the 14,000 is invested at 2%: 14,000-x
The formula for simple interest is , I=interest, P=principle, r=rate, and t=time (in years)
:
The interest earned at 15% is: (15/100)x=.15
The interest earned at 2% is (2/100)(14,000-x)=.02(14,000-x)
The total interest whe you add them together is: 1,060
:
Problem to solve:
.15x+.02(14,000-x)=1,060
(100).15x+(100).02(14,000-x)=(100)1,060
15x+2(14,000-x)=106,000
15x+28,000-2x=106,000
13x+28,000=106,000
13x+28,000-28,000=106,000-28,000
13x=78,000
13x/13=78,000/13
x=6,000
The amount invested at 15% is: x=$6,000
:
Now for fun, find out how much was invested at 2%.
Happy Calculating!!!
RELATED QUESTIONS
Can someone help me here? Lane invested $14,000, part at 15% and part at 2%. If the (answered by josmiceli)

I need help with this problem please: Lane invested $14,000, part at 15% and part at... (answered by checkley75)

Lane invested $14000 part at 15% and part at 2%. If the total interest at the end of the... (answered by stanbon)

Lane invested $10,000, part at 15% and part at 14%. If the total interest at the end... (answered by tutorcecilia)

Lane invested $10,000 part at 15% and part at 14% If the total interest at the end of the (answered by ankor@dixie-net.com)

Lane invested $10,000, part at 15% and part at 14%. If the total interest at the end... (answered by Fombitz)

Lane invested $10,000, part at 15% and part at 14%. If the total interest at the end of... (answered by checkley71)

Lane invested $10,000, part at 15% and part at 14%. If the total interest at the end of... (answered by scott8148)

Lane invested $14,000, part at 15% and part at 2%. If the total interest at the end of... (answered by checkley75)