SOLUTION: Please help me solve this word problem: A bank pays 2% intrest. The credit union pays 3% per year. Bo saves $1000 total and gets $5 more intrest from the bank than from the credit
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Question 246376: Please help me solve this word problem: A bank pays 2% intrest. The credit union pays 3% per year. Bo saves $1000 total and gets $5 more intrest from the bank than from the credit union. How much was saved in each account?
I was able to come up with x + y= 1000 but nothing after that. Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! A bank pays 2% interest. The credit union pays 3% per year.
Bo saves $1000 total and gets $5 more interest from the bank than from the credit union.
How much was saved in each account?
I was able to come up with x + y= 1000 but nothing after that.
:
That's one equation, here is the interest equation
Bank int - credit u int = $5
.02x - .03y = 5
:
From the 1st equation:
x + y = 1000
x = (1000-y)
:
substitute for x in the interest equation
.02(1000-y) - .03y = 5
20 - .02y - .03y = 5
:
-.02y - .03y = 5 - 20
-.05y = -15
y =
y = + 300 saved at the credit union, (3%)
:
You should be able to find the bank amt now
Check solution by finding the interest amt for each
