SOLUTION: Phil as $20,000, part of which he invests at 8% interest and the rest at 6%. If his total income from the two investments after one year was $1460, how much did he invest at each

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: Phil as $20,000, part of which he invests at 8% interest and the rest at 6%. If his total income from the two investments after one year was $1460, how much did he invest at each       Log On


   

Question 339638: Phil as $20,000, part of which he invests at 8% interest and the rest at 6%. If his total income from the two investments after one year was $1460, how much did he invest at each rate?
I actually have the answers on my homework sheet, but for the life of me I cannot remember how to set up this problem. If you could explain it would be greatly appreciated.
Answer by scott8148(6628) About Me  (Show Source):
You can put this solution on YOUR website!
x(8%) + (20000 - x)(6%) = 1460

.08x + 1200 - .06x = 1460

.02x = 260

you can finish this