Question 25741: A woman invested part of 20,000 at 6% and the rest at 7%. If her annual interest is 1,260, how much did she invest at 6%?
Interest problems always stump me. Any help with this could really help me.
Answer by elima(1433)   (Show Source):
You can put this solution on YOUR website! The formula for interest;
I=prt
I=interest
p=principal
r=rate
t=time
So you are given everything except p;
I=1260
r=7%
t=1
So, with those amounts we solve for p;
1260=p(.07)1
multiply (.07)1;
1260=p(.07)
Now divide each side by (.07)
 =
18,000=p
So $18,000 was invested at 7%, so $20,000-$18,000=$2,000
at 6% $2,000 was invested
Hope you understand
=)
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