Question 1064799:
Larry Mitchell invested part of his $ 35,000
advance at 7%
annual simple interest and the rest at 2%
annual simple interest. If his total yearly interest from both accounts was $900, find the amount invested at each rate.
Answer by addingup(3677)   (Show Source):
You can put this solution on YOUR website! So he invested some of 35,000 at 7% and the rest at 2%. The rest means what's left over from the money he invested at 7%, correct?
Then, if he invested "some", let's call it x, at 7%:
0.07x
And what's left over would be 35,000-x, correct?
:
0.07x+0.02(35000-x) = 900 apply the Distributive Law of multiplication, distribute the 0.02:
0.07x+700-0.02x = 900
0.05x = 200
x = 4,000 this is how much he invested at 7%
35,000-4,000 = 31,000 this is how much he invested at 2%
------------------------------------
Check:
4,000*0.07 = 280
+
31,000*0.02 = 620
. . . . . . -------
Total int. = 900 Correct
:
Happy learning,
John
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