SOLUTION: Hi, I would just like to say thank you in advanced for your help. My question is as follows: If I lend my money at 6% simple interest for a given time, I shall receive $720

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: Hi, I would just like to say thank you in advanced for your help. My question is as follows: If I lend my money at 6% simple interest for a given time, I shall receive $720      Log On


   

Question 1002835: Hi,
I would just like to say thank you in advanced for your help. My question is as follows:
If I lend my money at 6% simple interest for a given time, I shall receive $720 interest but if I lend it for 3 years longer I shall receive $1800 interest. Find the amount of money and time.
Thank you again
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!

Let the amount you lend be x
6% foy y years
interest = 0.06 *x*y=720
xy = 720/0.06
xy = 12000.................(1)
3 years longer
Amount = x
time = (y+3) years
rate = 6%
1800 = x*(y+3)*0.06
1800 = (xy+3x)*0.06
1800/0.06= xy+3x
30000 = xy+3x...................(2)
plug xy
30000-12000=3x
18000 = 3x
x=6000