SOLUTION: Larry Mitchell invested part of his $31,000 advance at 5% annual simple interest and the rest at 2% annual simple interest. If his total yearly interest from both accounts was $1,

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Question 1196240: Larry Mitchell invested part of his $31,000 advance at 5% annual simple interest and the rest at 2% annual simple
interest. If his total yearly interest from both accounts was $1,430, find the amount invested at each rate.
The amount invested at 5% is $=
The amount invested at 2% is $=
Answer by amoresroy(361) About Me  (Show Source):
You can put this solution on YOUR website!
Let x = amount invested at 5% in $
31,000 - x = amount invested at 2% in $
Equation
.05x + .02(31,000 - x) = 1,430
.05x + 620 - .02x = 1,430
.03x = 1,430 - 620
x = 810/.03
x = 27,000
Answer:
The amount invested at 5% is $27,000.
The amount invested at 2% is $4,000.