SOLUTION: Walt made an extra $7000 last year from a part time job. He invested part of the money at 8%and the rest at 6%. He made a total of $500.00 in interest. How much was invested at 6%?

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Question 519987: Walt made an extra $7000 last year from a part time job. He invested part of the money at 8%and the rest at 6%. He made a total of $500.00 in interest. How much was invested at 6%?
Answer by Maths68(1474) About Me  (Show Source):
You can put this solution on YOUR website!
Money invested at 8% = x
Money invested at 6% = 7000-x
Total interest from both investements = 500
Money invested at 8% * Interest + Money invested at 6% * Interest = Total interest from both investements


x*8% + (7000-x)*6% = 500
x*0.08 + (7000-x)*0.06 = 500
0.08x + 420-0.06x = 500
0.02x=500-420
0.02x=80
x=80/0.02
x=4000

Money invested at 8% = x = $4000
Money invested at 6% = 7000-x = 7000-4000= $3000

Check
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4000 * 0.08 + 3000 * 0.06 = 500
320 + 180 = 500
500 = 500