SOLUTION: Larry Mitchell invested part of his $ 12 comma 000$12,000 advance at 8 %8% annual simple interest and the rest at 4 %4% annual simple interest. If his total yearly interest from b

Question 1056612: Larry Mitchell invested part of his $ 12 comma 000$12,000 advance at 8 %8% annual simple interest and the rest at 4 %4% annual simple interest. If his total yearly interest from both accounts was $ 680$680, find the amount invested at each rate.
Answer by jorel555(1290) (Show Source): You can put this solution on YOUR website!
Let n be the amount invested at 8%. Then the 4% amount is (12000-n). So:
8n+4(12000-n)=68000
4n=20000
$5000 was invested at 8%; $7000 was invested at 4%. ☺☺☺☺
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