SOLUTION: A total of $2000 was invested: part at 8% and the rest at 12% per year. If after one year, both parts earned equal interest, how much was invested at each rate, and how much intere

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: A total of $2000 was invested: part at 8% and the rest at 12% per year. If after one year, both parts earned equal interest, how much was invested at each rate, and how much intere      Log On


   

Question 1006953: A total of $2000 was invested: part at 8% and the rest at 12% per year. If after one year, both parts earned equal interest, how much was invested at each rate, and how much interest was earned in total?
Answer by macston(5194) About Me  (Show Source):
You can put this solution on YOUR website!
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E=amount at 8%; T=amount at 12%
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E+T=2000
E=2000-T
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0.08E=0.12T
0.08(2000-T)=0.12T
160-0.08T=0.12T
160=0.20T
800=T
ANSWER 1: $800 was invested at 12%.
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E=$2000-$800=$1200
ANSWER 2: $1200 was invested at 8%.
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Total interest=0.08($1200)+0.12($800)=$96+$96=$192
ANSWER 3: Total interest was $192.