SOLUTION: Larry Mitchell invested part of his $17,000 advance at 2% annual simple interest and the rest at 9% annual simple interest. If his total yearly intrest from both accounts was $1,39
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Question 301713: Larry Mitchell invested part of his $17,000 advance at 2% annual simple interest and the rest at 9% annual simple interest. If his total yearly intrest from both accounts was $1,390, find the amount invested at each rate.
I am having a hard time with this word problem. Can you please help? I do not know where to begin or how to do it.
Thank you,
Maranda Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! give a name to each account
T for amt at 2%
N for amt at 9%
T+N=17000
.02*T+.09*N=1390
N=15000
T=2000
