SOLUTION: Sue invested 10,000, part at 3.8% annual intrest and the balance at 7% annual intrest. How much is invested at each rate if a 1 year intrest payment is 603.68
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Question 556303: Sue invested 10,000, part at 3.8% annual intrest and the balance at 7% annual intrest. How much is invested at each rate if a 1 year intrest payment is 603.68 Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let = amount invested @ 3.8%
Let = amount invested @7%
given:
(1)
(2)
multiply both sides of (2) by
(2)
Multiply both sides of (1) by
and subtract (1) from (2)
(2)
(1)
and, since
(1)
(1)
(1)
(1)
$3,010 = amount invested @ 3.8%
$6,990 = amount invested @7%
check answers:
(2)
(2)
(2)
OK
