SOLUTION: Part of $18,000 is invested at 8% annual interest, and the rest is invested at 6%. After one year, the accounts paid $1,220 in interest. How much was invested at the lower rate? ro

SOLUTION: Part of $18,000 is invested at 8% annual interest, and the rest is invested at 6%. After one year, the accounts paid $1,220 in interest. How much was invested at the lower rate? ro

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Question 983253: Part of $18,000 is invested at 8% annual interest, and the rest is invested at 6%. After one year, the accounts paid $1,220 in interest. How much was invested at the lower rate? round to nearest cent.

Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!

Instead of showing you how to solve this problem, I'll show you how to solve all problems of this type.

, a portion of

currency units, is invested at

percent annual interest and the other part,

, is invested at

percent annual interest. After one year the accounts paid

currency units in interest. How much was invested at each of the interest rates?

.

You are given

,

,

, and

. Solve for

and then calculate

John

My calculator said it, I believe it, that settles it

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