SOLUTION: Phyllis invested $8,000, a portion earning a simple interest rate of 3 1/4% per year and the rest earning a rate of 3% per year. After one year the total interest earned on these

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Phyllis invested $8,000, a portion earning a simple interest rate of 3 1/4% per year and the rest earning a rate of 3% per year. After one year the total interest earned on these       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 839874: Phyllis invested $8,000, a portion earning a simple interest rate of 3 1/4%
per year and the rest earning a rate of 3% per year. After one year the total interest earned on these investments was $256.25. How much money did she invest at each rate?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

Phyllis invested $8,000, a portion highlight_green%28x%29earning a simple interest rate of 3 1/4% per year 

and the rest earning a rate of 3% per year

Question states***interest earned on these investments was $256.25

 .0375x + .03(8000-x) = 256.25     |Solve for  x and then find (8000-x)

    +x+=++16.25%2F.0075

Wish You the Best in your Studies.