SOLUTION: A MAN INVESTS $300,000. 2/3 oh the amount is invested in 6% bonds, and the balance in a mortgage paying 5%. His total income from these investments after 1 year was $17,000. How mu

SOLUTION: A MAN INVESTS $300,000. 2/3 oh the amount is invested in 6% bonds, and the balance in a mortgage paying 5%. His total income from these investments after 1 year was $17,000. How mu

Algebra.Com

Question 905903: A MAN INVESTS $300,000. 2/3 oh the amount is invested in 6% bonds, and the balance in a mortgage paying 5%. His total income from these investments after 1 year was $17,000. How much money did he invest in bonds and mortgage?
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
(2/3)P*.06 + (1/3)P*.05 = $17,000
.12P + .05P = $51,000
.17P = $51,000
P = $51,000/.17 = $300,000
RELATED QUESTIONS
Mr. Sable invested $5000 in a mortgage that pays 9% interest annually. He bought bonds... (answered by Earlsdon)

A $136, 000 trust is to be invested in bonds paying 8%, CDs paying 7%, and mortgages... (answered by stanbon)

How do I solve this problem? A $132,000 trust is to be invested in bonds paying 6%,... (answered by mananth)

A $98,000 trust is to be invested in bonds paying 6%, CDs paying 5%, and mortgages paying (answered by venugopalramana)

mike invested three times as much money in a bond paying 4% yearly interest as he... (answered by mananth)

Yolanda invests $6,000. Some of the money is invested in stocks paying 6% a year and... (answered by jojo14344)

Lualhati invests a part of 8500 in a time deposit which pays 6% and the rest in bonds... (answered by TimothyLamb)

A man has 3 times as much money invested in 12% bonds as he has in stocks paying 9%. If... (answered by stanbon)

I really need help. I do not understand how to solve this at all: A man invests his... (answered by ReadingBoosters)