Question 33132: I looked to see if any questions were like mine, I found one or two, but they had so much more information in them and it was a little confusing. So here is my question Thank You!
Question:
Dave Invested $17,000, part at 18% and part at 4%. If the total interest at the end of the year is $1,380, how much did he invest at each rate.
Thank You,
Trinia
Answer by Earlsdon(6294)   (Show Source):
You can put this solution on YOUR website! Let's assume that Dave invested $x at 18% and the remainder ($17,000 - $x) at 4%.
The interest earned on the $x is: 18% of x
The interest earned on the remainder ($17,000 - $x) is: 4% of ($17,000 - $x).
The sum of these two amounts is: $1,380
So, if you change the percents to their decimal equivalents, you can write the equation which can then be solved for x.
 Simplify and solve for x.
 Combine like-terms.
 Subtract 680 from both sides of the equation.
 Divide both sides by 0.14
Dave invested $5,000 at 18% interest and ($17,000 - $5,000) $ 12,000 at 4% interest.
|
|
|
