SOLUTION: Colin invested $24,000, part at 18% and part at 16%. If the total interest at the end of the year is $4,160, how much did he invest at 18%? Thank You!!!

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Question 41409: Colin invested $24,000, part at 18% and part at 16%. If the total interest at the end of the year is $4,160, how much did he invest at 18%?

Thank You!!!

Found 2 solutions by checkley71, Nate:
Answer by checkley71(8403) About Me  (Show Source):
You can put this solution on YOUR website!
.18X+.16(24000-X)=4160 OR .18X+3840-.16X=4160 OR .02X=320 OR X=16000 INVESTED @ 18% & 8000 INVESTED @ 16%

Answer by Nate(3500) About Me  (Show Source):
You can put this solution on YOUR website!
x(.18) + (24000 - x)(.16) = 4160
.18x + 3840 - .16x = 4160
.02x = 320
x = 16000
$16,000 was invested in the 18% interest; now, you should plug:
(24000 - x)
24000 - 16000
8000
$8,000 was invested in the 16% interest.