SOLUTION: A MAN INVESTED $20.000 at an annual interest rate of 7% and $ 12,000.00 at an annual interest rate of 7.5%. what was his annual income on the two investments

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Question 274197: A MAN INVESTED $20.000 at an annual interest rate of 7% and $ 12,000.00 at an annual interest rate of 7.5%. what was his annual income on the two investments
Answer by calegebra(14) About Me  (Show Source):
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A MAN INVESTED $20.000 at an annual interest rate of 7% and $ 12,000.00 at an annual interest rate of 7.5%. what was his annual income on the two investments
I = prt
I = ($20000)(.07rate)(1yr)
I = $1,400
I = prt
I = ($12,000)(.075rate)(1yr)
i = $900
Total interest or income is the sum of both ($1,400 + $900)= $2,300