SOLUTION: Larry Mitchell invested part of his $ 12 comma 000$12,000 advance at 8 %8% annual simple interest and the rest at 4 %4% annual simple interest. If his total yearly interest from b

Algebra ->  Customizable Word Problem Solvers  -> Misc -> SOLUTION: Larry Mitchell invested part of his $ 12 comma 000$12,000 advance at 8 %8% annual simple interest and the rest at 4 %4% annual simple interest. If his total yearly interest from b      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1056612: Larry Mitchell invested part of his $ 12 comma 000$12,000 advance at 8 %8% annual simple interest and the rest at 4 %4% annual simple interest. If his total yearly interest from both accounts was $ 680$680​, find the amount invested at each rate.
Answer by jorel555(1290) About Me  (Show Source):
You can put this solution on YOUR website!
Let n be the amount invested at 8%. Then the 4% amount is (12000-n). So:
8n+4(12000-n)=68000
4n=20000
$5000 was invested at 8%; $7000 was invested at 4%. ☺☺☺☺