SOLUTION: Hello, I am really confused about this word problem. Setting up the problem properly is what I need the most help on. Do you know how to set up the equation for this problem prope

Question 133787: Hello,
I am really confused about this word problem. Setting up the problem properly is what I need the most help on. Do you know how to set up the equation for this problem properly? Any help would be greatly appreciated.
A man invests a certain amount of money in an account that pays 7% annual interest. He invests $350 more than that in an account that pays 8% annual interest, how much did he invest in each account if the total interest after one year was $250?
Thank you,
Mrs. Gibson
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
A man invests a certain amount of money in an account that pays 7% annual interest. He invests $350 more than that in an account that pays 8% annual interest, how much did he invest in each account if the total interest after one year was $250?
:
Let x = "a certain amt of money" invested at 7%
:
It says $350 more than that is invested at 8%, therefore
(x+350) = amt invested at 8%
:
We have a simple interest equation:
.07x + .08(x+350) = 250
.07x + .08x + 28 = 250; multiplied what's inside the brackets
.15x = 250 - 28; subtract 28 from both sides
.15x = 222
x = ; divide both sides by .15
x = $1480 invested at 7%
then
1480 + 350 = $1830 invested at 8%
:
:
Check solution by finding the total interest
.07(1480) + .08(1830) =
103.60 + 146.40 = 250; confirms our solution
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