SOLUTION: Larry invested part of his 15000 advance at 8% annual simple intrest and the rest at 6% ASI. His total yearly interest was $1160. What amount was invested in each rate?
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Question 426153: Larry invested part of his 15000 advance at 8% annual simple intrest and the rest at 6% ASI. His total yearly interest was $1160. What amount was invested in each rate? Answer by jorel1380(3719) (Show Source):
You can put this solution on YOUR website! m+n=15000
.08m+.06n=1160
8m+6n=116000
6m+6n=90000
2m=26000
m=13000
n=2000
$13000 was invested at 8%, $2000 at 6%..
