SOLUTION: larry Mitchel invested $22,000 advance at 6% annual simple interest and the rest at 2% annual simple interest. if his total yearly interest from both accounts was $1,120 finds the
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Question 1015581: larry Mitchel invested $22,000 advance at 6% annual simple interest and the rest at 2% annual simple interest. if his total yearly interest from both accounts was $1,120 finds the amount invested at each rate Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let = amount invested @ 6%
Let = amount invested @ 2%
-----------------------------
(1)
(2)
-------------------------
(2)
(2)
Subtract (1) from (2)
(2)
(1)
---------------------
and
(1)
(1)
(1)
------------------
$17,000 is invested @ 6%
$5,000 is invested @ 2%
check:
(2)
(2)
(2)
(2)
OK
