SOLUTION: Logan has $20,000 part of which he invests at 10% interest and the rest at 6% interest. If his income for one year from the 2 investments was $1,500.00 how much did he invest at e
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Question 1015332: Logan has $20,000 part of which he invests at 10% interest and the rest at 6% interest. If his income for one year from the 2 investments was $1,500.00 how much did he invest at each rate? Answer by jorel555(1290) (Show Source):
You can put this solution on YOUR website! Let n be the amount invested at 6%. Then:
.06n+.1(20000-n)=1500
.06n+2000-.1n=1500
.04n=500
n=500/.04=$12500 invested at 6%, $7500 invested at 10%!!!!!!!!!!!!
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