SOLUTION: a man invested $6000, part of it at 5%simple interest and the rest at 7% simple interest. If his annual interest income is $372, how much did he invest at each rate?

Algebra ->  Finance -> SOLUTION: a man invested $6000, part of it at 5%simple interest and the rest at 7% simple interest. If his annual interest income is $372, how much did he invest at each rate?      Log On


   

Question 154226This question is from textbook
: a man invested $6000, part of it at 5%simple interest and the rest at 7% simple interest. If his annual interest income is $372, how much did he invest at each rate? This question is from textbook

Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
.07x+.05(6,000-x)=372
.07x+300-.05x=372
.02x=372-300
.02x=72
x=72/.02
x=$3,600 invested @7%.
6,000-3,600=$2,400 invested @5%.
Proof:
.07*3,600+.05*2,400=372
252+120=372
372=372